Quote from Catskinner "I wouldn't go buggering around trying to rechamber your rifle."
Quote from Duby "My suggestion is to keep this fine rifle as is, and save the money you'd spend on a new stock, muzzle break, and such, and use it to buy a Vanguard with a heavy barrel and a more long-range appropriate stock. I'd suggest 6.5Creedmore, 7mm-08, or 308Win as the chambering.
I agree with both of these experienced Weatherby gun mates, unless the rifle has been mistreated, neglected (rust pitted), or the stock was badly cracked. Think about it, A gift from your Grandpa? As for the recoil and flinching, I would also invest in a AirTech Slip On Recoil Pad. These are very helpful, as I have used one on my 30-30 Winchester and my 7mag, and in both cases the recoil became very manageable (less than a 30-06) The slip on will increase you LOP about half inch to five eights which isn't much and may improve your sight picture, and for less than $40.00, its the least expensive way to go.( the medium size fit my 7mag ) If you buy it on Amazon, it can be returned if your not satisfied. The AirTech is a very effective recoil reducer and should stop the flinching. The Mark V is a Weatherby design, and there is very little that can be done to improve the quality and craftsmanship that makes this rifle the envy of the industry.