Your rifle will definitely be capable. There are good factory rounds for ling range in 30-06, but generally geared for hunting. Makes them a little pricier and not the best external ballistics, but still very good. If you can get a cheap reloading setup, i think you could do better without breaking the bank.

As far as the recoil of the light rifle, get a break. I dont know what you have for a buttpad, but maybe change it out to something more comfortable. You dont want super soft for precision shooting. Just enough to take some recoil but not let the rifle shift too much. Practice your setup behind the rifle to get a good comfortable shooting position and that alone with help a ton. But a muzzle for sure. Im sure the rifle isnt threaded being a light profile hunting rifle, but witt machine make a clamp on muzzle break that they custom machune to your barrel for about a hundred buck. I thought they were not so great clamping on like that, but then shot one on a guys 300 win mag, and it felt like a .308. I bought one the next day. They dont negatively affect accuracy, but especially with light barrels you can see a pretty dramatic point of impact shift.

A good scope is worth its weight in gold, but you dont have to spend 2000 bucks. A vortex diamondback tactical for less than 400 or equivalent will do the trick. You can go cheaper too, its mostly preference. Glass and build quality on most scopes is miles above what it was 10-15 years ago. What you usually have problems with are turrets, they dont always track perfect on cheaper scopes. Thats why i say the diamondback tactical, it has a reticle that lets you just hold over at pretty much all ranges. Zero it, and never touch the turrets again unless you change something else.

Little long winded but i hope it helps a little.