I did something similar to what a lot of people have done with the 795 I picked up last year on sale with the $25 rebate. I shot it some, loved the accuracy, hated the stock and sights. So I put what is an excellent action and barrel into a laminate wood stock from Numrich, and added tech-sights. The trigger is still awful, so I need to give that a little attention, but at this point I have right at $200 in it and am very happy with it. It makes a great little rifle to introduce new shooters, or to do a little plinking for cheap.
I get the 10/22 thing and have shot a few that belong to other people that were very cool, but I have an AR to satisfy my aftermarket goody itches. So yeah, the reason that there isn't all that much to do to a 795/60 is that it doesn't need much, which can be a good thing or a bad thing, depending on your goal. For me, it fills the need for a basic, inexpensive, yet highly functioning .22, that I could customize just enough that the tinker in me is happy.