I was throwing around the idea of having my .338 Win Mag cut down to a 20" barrel, and recrowned. Then put a 1-4 scope of some sort on it, and use it as a lightweight carry rifle for tight woods.
If thats what you want to do. would probably be very effective. although you would likely get the same results with a .338-06 with a 20 inch barrel.
Sounds nice but why not put the $$$ in a new gun as opposed to fabrication of a "lightweight carry rifle." I was thinking of an acronym for your name - "That Ain't 'Nuff Gun" - How about a stainless Ruger # 1 in 45/70. It's light, compact and at 6 1/2 pounds will get your attention with the full power loads.
My light carry rifle is a 18.5" semi auto .44 Mag.
How long is the barrel you currently have? I think they are 24", so cutting down to 20 might not be so bad, chop 250 FPS off what you are currently getting and you are into 338 Fed territory anyway. This isn't so bad if you can use a SST or Ballistic Tip or Accubond bullet. No Partitions or Trophy Bonded Bear Claws though.