"2)  Take out the barrel, sell it and the buttplate on ebay for top $, rebarrel it to something I want, make custom wood with a shotgun butt and have a great rifle for low cost that has no aspect of originality left.  The barrel and buttplate on ebay will pay most if not all of a custom barrel fitted to the action".

I kinda think you've answered your on question and as a shooter it's what I'd do.

Frank

Origional buttstocks do turn up every once in awhile.You could go that route.

I have an original stock set. If you're interested PM me. 

   Joe. 

Will also vote for #3 as that is exactly what I did with a 45-70 Hepburn I recently acquired. Relined to a lighter caliber (John Taylor with TJ liner). But, went full out with it and not only new 3x wood w/shotgun butt (CPA with finish work by Millard Hixson), but engraved and case-coloring (Dale Woody). Should have back in my hands for some shooting by mid-spring. Some good ideas and pic's over here: 
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Joe,

I'll send you a PM on the original wood, not sure that's what I'd like to do, I like rifles with perfect barrels, but would be a shame not to put this one back right.  I have other Hepburn actions I could build on if I did that.

SSS,  Saw your thread, you did a nice rebuild on that rifle, will be a real pleasure to own and shoot!   

John L, would make a real nice rifle for a lot of disciplines, from BPCR to Schuetzen to prairie dog hunting.  That's why I'm leaning to number 2 option, rebarrel and rebuild.  I have only one rifle that I use that doesn't have a perfect bore.  I don't have a lot of interest in rifles with pie plate accuracy.  There's nothing wrong with this barrel, really.  Doesn't deserve a reline, it would make a fair shooter as it is, just not target accuracy.  So,  should pass it on to someone who will use it and put a new tube on.  Then comes the question, what caliber?  There is absolutely no opportunity for Schuetzen where I live within the range I can readily travel.  And, no place to practice locally.  I have a Helm schuetzen high wall in .32-40 that I've never bothered to shoot, although I've cast bullets for it and have cases.  At the 100 yard range available to me, I shoot my .22 instead.  And, have .25-20, .38-55, .38-72, .40-70SS, .45-70, .45-90, .50-70, and .50-110 target rifles already.

So, what is interesting?  I have a heavy, long .270 barrel to make a .270 REN schuetzen.  But, was planning on a falling blocks work Model J for it; already made the stock.  Have a 16 pound .40 cal octagon barrel, but was planning a special buffalo era rolling block for it, already welded up a receiver for the heavy barrel.  I'm thinking another .38-55  chambered identically to my wifes rifle, so that we can share ammo.  In the forseeable future, that would be one of the most useful things I could do.  Have to call around and see if I can get a good fast twist barrel from someone.

dave