The good news is you CAN shoot it like it is if you want.
The bad news is - it won't work out very well. The ADL is a great hunting rifle, simple, light, easy to carry and plenty accurate. I regularly hunt with one.
Your cartridge is mighty powerful for the comps too - doesn't mean you can't use it, you certainly can - but consider this; a typical F-class match is three strings of fire, 20 shots each, plus a couple of sighters. 60 - 70 shots from prone. In prone you have nowhere to give with the recoil, and it will start to beat you up pretty good after a while. I hunt with lightweight 7mm & .300 mag rifles, but I'll be darned if I want to shoot one of them in a match. You can get great results from much lighter recoiling stuff, like a .260 Rem or a .308 Win for example.
Muzzle brakes are frowned on at F-class matches. Many tactical matches permit them. Very, very loud for the competitors on either side of you on the firing line. I hate it when I have to set up next to some guy and his thundering, muzzle-braked magnum. Just about the time I'm settling on target and about to press the trigger... WHAM! I get hit with a blast of expanding gasses from the braked magnum... Sorta throws a fellow's shot a bit.
Then there's the barrel... Remington's factory sporter barrels are just fine for hunting. Reasonably accurate and lightweight. Typically however the bores are rough, and mine often foul pretty badly after a few shots. Often there is absolutely no time to clean your barrel in a match - this is where I've found a quality barrel to be a real advantage. After 60 or 70 shots, my Krieger barrel is still shooting great. After half that many, my Rem factory barrel was screaming for a cleaning.
Barrel contour plays a huge role too. A little heavier contour is nice when target shooting. Helps in several ways; heat doesn't get to it as much, recoil is reduced because barrel/rifle weight is up, and for me, it hangs steadier on target. I've seen barrels from fairly light to straight no-taper barrels do well in various competitions. Lighter is often nice in some of the tactical matches where a guy has to haul the rifle around and shoot from some "interesting" positions. Heavier is great for F-class, shooting from your belly at known distances.
Then there's the stock... I like Remington's sporter stocks on their ADL, BDL and CDL rifles - especially on the CDL. They're great! Good all-around, lightweight stocks. And an area where a huge improvement can be made. Check out the stocks by HS Precision, McMillan and Richards - their competition stocks are a huge help to the competition shooter.
Remington's trigger will need to be massaged before it's comp ready, or replaced with an aftermarket trigger. Don't try to take the factory Rem too low, because of safety issues. I've got one set at about 3# and it's just fine. If I want to go a lot lower than that, I'll go with a Jewell.
So... The other good news is that your Rem 700 action is a good one to build a competition rifle from! With the magnum bolt face, you can take your pick of big powerful, flat-shooting cartridges. Kent Reeve did a bang-up job with a .300 magnum this year at 1000 yards at Camp Perry, but it wasn't with a factory rifle.
I hope I didn't discourage you too much. A long time ago I figured out that my hunting rifles were not good match rifles, although the reverse isn't necessarily true - I have hunted with the same rifle that I shoot in tactical comps and have also shot it in NRA highpower prone matches.
Best of luck, Guy