OK got it... "J" and "S" 8mm bores. Yes, well known.
As far as blow by- most of that occurs as the bullet transitions between the throat and bore. That's why the throat wears out first... no matter if the bullet is a perfect seal in bore or not. If you were careful and got accurate measurements of the groove diameter of the bore at .316 then, if it were mine, I'd still shoot .316 jacketed bullets. The only question or reservation I'd have about the .316 is bullet choice. There can't be very many .316 options out there, other than specialty lead cast or swaged bullets-- but I think Hawk (and maybe a few others I'm not aware of) makes a good quality 150 gr .316 jacketed hunting bullet. I would also think, given it's age, it has probably been shot with all manner of "8mm" bullets from more or less .318s to even possibly some .323s. And for POI regulation of the barrels- who knows.