Does it have a sporter weight barrel? You are going to be shooting 17 - 22 shots at a time through it so you really want something like a varmint weight or heavier. Savage is a great action though. You can replace the barrel yourself if you want to do some work. However you get into other issues with the stock in-letting for the barrel ... etc ... etc.
The caliber is not very good though. It puts you in the F-Open and it expensive to reload for. If you are just starting out my recommendation would be
F-TR and shoot .308 or .223. I'd go with the .223 because it is so inexpensive to shoot in comparison to the .308. The two are about a wash as far as wind drift goes though.
For a scope you want about as much as you can get. A 20X is probably a little on the lite side as far as magnification. Stick with a fine cross hair or a 1/8th target dot. Fancy reticles like mil dots have limited applications.
Probably the best thing you could do is go to a match. Your rifle should be legal as long as it doesn't have a muzzle break. You can shoot it and get an idea of what is going on. They have matches at Reading, Nashua and Scarborough. On May 8th there is a mid range prone match at Nashua.
B