Quite a knowledgeable guy in the gun industry here once said to me:
Remember the Magum Mauser action is made of the exact same steel and exact same way as the other sporting actions. It is only longer! Not that much stronger!
It also does not have any steel removed to make it work! It was designed for Magnum cartridges which is what a 416 Rigby is and needs.
It does not mean that making things work by modifying them that that is the best way to do it. That would be the same as saying a Fiat can do what a Land Cruiser can cause it has the same steel in the body.
A custom Mauser rifle can bring great pride of ownership.
What is the intention with the rifle? Build a working man's rifle?
In that case I would buy a good second hand one such as a Brno ZKK 602 and spend a fraction on it at a reputable gunsmith just to smooth it out if you like or buy a new CZ 550 and do the same. You will then have a working mans rifle you can rely on.
If you want to have a Mauser action rifle I would rather buy a Mauser action 404 Jeff original one even though it may cost you.
As for the standard size M98 I would build a rifle on that that would not require machining away steel from the action. There are many that will fit.
416 Rigby is not one I would build on it.
Modifying a Military M98 to a hunting rifle especially a Magnum will cost you a lot and is not a simple straight forward thing.
An original Mauser action is going to cost you, they are collectable.
You have to make sure what you have or intend buying. Is it a small ring or a large ring action?
Who originally made it? Turkish Mauser actions need to not be considered.
You will need a large ring 98 to build a magnum.
You have to open the bolt face(7mm and 8mm M98 cannot fit magnum case head sizes)
Extractor needs to be trimmed to slide the case under it.
Feed rails in the receiver need to be altered to accommodate the magnum case.
Magazine follower needs to be replaced.
Magazine will require some extensive work done to it.
After all this you may need to get the whole thing heat treated as you do not know how many rounds have been through such a old action.
After all this buy the right action length to start with.
That's what I would do anyway.