I've owned an 84M in 308 for several years. Same rifle with a gray stock, 4" longer barrel and about 5 oz heavier. Mine can still come in under 6 lbs including scope and mounts if I choose carefully. It is currently just a couple of oz over 6 lbs with a 3-9X40 Leupold VX-2 on it.
I like the rifle and it has the potential to be extremely accurate. But I don't consider it the best choice as an all-around rifle. It is just a bit TOO light and the Adirondack is even lighter. While my rifle is accurate, it takes perfect form and a lot of concentration to make it shoot well. A little heavier rifle is more forgiving. You'll lose around 100 fps with the shorter barrel and pick up some muzzle blast too. Recoil on mine is about the same as a standard weight 30-06. A noticeable increase over more conventional weight 308's, but still very tolerable.
I've spent a lot of years hunting in some pretty steep rugged terrain and find a rifle weighing about 7- 7.5 lbs scoped is a good compromise. I don't shoot anything heavier any better and it is still pretty easy to carry around. My Kimber at closer to 6 lbs is more of a special purpose gun for those times where the terrain is especially tough and every ounce counts.
I don't think you'll be disappointed with the quality and if you really need a 4.75 lb gun it is a bargain at that price. Anything else close to that weight is $3000-$4000. Just make sure you REALLY want a gun that light.