boot strap jack,
I have done this myself (well, commissioned the project and did what I could myself). Started with a .43 Egyptian RB action, had a 34" Badger No 1 heavy oct fitted and chambered to 45-70, bought all new wood (incl SG buttplate and pewter foreend tip) and a new set of sights (1 1/2 sets if you count the rear barrel site). Including the sights (and they were over $500) I have about $1200 into it. I did all the wood to metal fitting and a friend did the metal machining and action work. I put a rough blued finish on the metal to "replicate" an old 1880's RB sporter. A good friend (I consider him a RB expert, he will tell you different) when he first saw it, thought it was an original sporter. Made me feel good about it.
You should (IMHO) limit yourself to one that is already a centerfire round, just makes any hammer/firing-pin alterations unnecessary. You can reuse the buttstock and fore end if you are at all handy. Sights are another animal - get the best you can afford. My Rolling Block was an enjoyable project to do and I would do another if so inclined (I've just got other irons in the fire right now). It shoots good, feels good and doesn't beat me up during an all day session at the range.