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Blitzzz-
I built a .338-06 off of a 98 action with a 26", 1:10, E.R. Shaw barrel. It's proven to be an extremely accurate rifle and shoots far better than I do. The pricing on the barrel was very reasonable as well.
I realize you're looking for a varmint rifle, but if you're looking for something in a .224 caliber I'd stick with a 1:12 or so. I recently built a SPR clone with a White Oak Armament 1:7 barrel and as expected I can't get it to group bullets under 75 grains worth a damn, but she loves the 77 gr Match Kings.
Is your Mauser action commercial or military? The only varmint round that I know of that works with the military standard bolt face is the .22-250...
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