The 721 isn't much of a bubba job. it's just a stock replacement. the 721 was a simplified P14/1917 enfield. they made about 150k of them before they simplified it more and turned it in to the model 700.
The peep sight is probably a vintage mod. that was common back in the day before scopes became durable enough and cheap enough for common use.
Bubba gunsmithing is bad in any case, but sporterized rifles done proper are not.
There are millions of very high quality sporterized rifles on the market right now for very good prices. for just 3,000-4,000 dollars you can get a rifle that was hand built by a master gunsmith in common cartridges with spectacular metal and wood working. new rifles of this quality easily cost north of 10k today, and often much more in the european trade.
Military rifles provided a almost free source of quality actions for these smiths. Griffin and Howe preferred the 1903 action in the early days before the Win. Model 70 became "The Rifleman's Rifle."