I have had several 700's over the past couple years and right now the only 1 I shoot on a regular basis is my SPS-Tactical. It has the 20 in heavy bbl. My wife has a VTR with the triangle bbl, integrated MB and the ugly green stock. Both are chambered in 308. For optics I have the same set up on them (minus reticle). I used the MK4 1 piece pic rail and 30mm med rings. The scopes on these are MK4 3.5-10x40 with the M3 turrets. Wife has MilDot and I have the TMR reticle.
A mil based reticle will allow your buddy to range as long as he has done some homework is really good at math on the fly. I like the M3 turrets since they are 1MOA elev and .5 wind. The windage isn't too much of a concern for me since I live in WY and its always windy. But I do like the 1 MOA elevation since it allows really quick gross adjustments. I go Antelope hunting and its hard to get close to them most of the time. If I need to adjust dope I'm doing so 4 times less with 1MOA vs .25MOA. The M1 turrets are great for getting precise shot placement further on down in range but I'm willing to accept a few inches off.
It comes down to yours (or your buddy's) personal preference. I am very content with my setup and will have no problem getting another Leupold.
One thing that will help regardless of optic choice-cheek pad. Get a cheek pad or one of the kits that can be installed. The higher rings or bigger objective lense just keeps pushing you towards a "chin weld." Good luck
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