That's exactly what I use (Remington 700 30-06). I've had it for probably close to 15 years and it hasn't failed me yet, other than ammo issues. Its tried and true. You don't need a $1500 set up to put meat in the freezer/trophies on the wall.
Don't go cheap on your glass though. Spend at least a few hundred on your scope and you'll be plenty happy with it.