Welcome to the Forum! Your 1500 is a standard if it has factory-installed iron sights and a straight-comb buttstock, Deluxe models lacked iron sights and had a Monte-Carlo style stock. Actions and barrels are the same for both models, and were offered in long action and short action models, deluxe may have had slightly brighter bluing (can't recall at this late date). Your gun, in 7mm Rem Mag, is a long action, and won't work with the .308 (or 7.62x51) cartridge, which requires the short action. Other barrels which would work with your action would be chambered in .30-06, .270, or .300 Win Mag. There are still some S&W 1500 marked barrels around, but I'm not sure in which calibers. The barrels currently made by Howa for their 1500 or the Weatherby Vanguard (same gun as your's, just different markings, stocks, etc.) would also fit, but they won't be marked S&W. Hope this helps.
There is a recall on the bolt sleeve, don't fire the gun without having it completed. Contact Howa (the actual manufacturer of the gun), and they will send you a pre-paid shipping package for the bolt (not the whole rifle). I had mine done a few years ago, service was speedy, all at no cost. I don't have the website handy, just google Howa 1500 recall or bolt sleeve recall, and a link should come up readily.
Last edited by 310Pilot; 11-10-2012 at 06:43 PM.