The small shank Savage action is 1.35” OD, you’ll want to be no larger than that. For my money, I’d simply buy a standard 1.20” or 1.25” blank, and leave the small step. The recoil lug is already a step down in diameter from the action OD anyway.
700’s use a slightly larger barrel thread than Savages, and they run 1.20” and 1.25” shoulders, so running the same blank in a Savage would have ~10thou more shoulder than every Rem ever built.
If you have a large shank Savage, then a larger diameter blank would be necessary, as the action thread is 1.0625”.