I finished a "sporterized" Mauser project a few months ago, I had been working on for a little over a year. I took a K Kale, Turkish mauser (8mm, Large ring action, small ring barrel) that I picked up for $40.00. I rebarreled it with a takeoff Rem 700 barrel in .270 Win, bent & polished bolt, Drilled and tapped for scope mount, low swing safety, Timney sportsman trigger, Fajen composite stock, and topped it off with a Nikon Prostaff 3-9x40.
I removed the original 8mm barrel, as I have a barrel vise, just had to get the correct shim for the vise. I couldn't find anyone local to me (N Little Rock) that wanted to bother with doing the action work, so I did a little searching and found Mark Skaggs:
http://www.skaggsgunsmithing.com/. He's located in Oregon, and specializes in building Mauser based rifles. He rebarreled, drilled and tapped, bent and polished the bolt, installed the low swing safety, headspaced, and test fired. He is very reasonable for the work he does, and very thorough. I finished the rifle myself, to keep the cost down, and I have a little under $500 complete.
The Yugo mauser action is an intermediate action, I believe, and I have seen some nice rifles built on Yugo M48, and 24/47 actions.
If you decide to do a "Mauser build" get in touch with me, I've still got my barrel vise, and mauser action wrench, and you are welcome to use them to remove your old barrel. Just keep in mind, it will still be cheaper to go buy a new bolt action rifle off the shelf. But, it's pretty cool when you finish a custom rifle that you've built, and if you can chamber it in any caliber you wish, except some of the larger magnum calibers of course.