The original Savage ML is basically a single shot model 10/11/16 action. Locking lugs and all. Its considered a firearm by the ATF. Pretty sure you can install the correct size bolt head (EASY) and the matching CF barrel to make it into a breach loader. So as a higher performance smokeless rifle its a good platform to modify although a Rem700/Rem700UML is a bit better. They have a much larger aftermarket support.
Generally speaking the Savage barrels were not all that great. Not even close to the aftermarket barrels you can get. I have reservations recommending throwing too much money into parts you cant utilize later for a better upgrade. Converting it to a bare 209 bolt head is about the best option if you can get or someone can make you a plug to work with it. Luke sells a plug to work with the aftermarket barrels and the 209 bolt head. The bolt head is a fairly simple install. Its the same as all the Savage bolt heads. Plenty of videos on Youtube how to swap them.
Im not well versed in the original ML specs such as small or large shank and stock bolt spacing. Small shank and the 4.27" spacing would make it far less desirable to upgrade. The MLII came both ways and even a mix of the two. A large shank is 1.1"+ OD so its not too bad. The small is just over an inch. 4.40" stock bolt spacing has many stock options. 4.27" spacing sorta blows. Either shank size can be converted to a nutless barrel which can get you a much larger max OD but smithing costs goes way up also. Its no longer a DIY kinda upgrade.
Call or email Luke. He has a link in the Sponsor Showcase section too. You can send him a private message through the forum. This time of year though is gunna make it harder with the hunting season underway. Bestill is another member worth talking too but ive heard he is booked up on builds. He may know of other options as well.
Come to think of it a newer MLII barrel might fit the original and those are cheap from guys doing 45cal upgrades. MLII barrel, MLII plug and the bare 209 primer bolt head might be the least expensive route if the barrel fits.