re: Remington 700 SPS .308 Ammo/Upgrades

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At best it shoots 1 to 1.5 inch groups at 100 yds. What's the best I can hope for with this gun?

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1-1.5" groups are not that bad for a hunting rifle, especially if it's only been tried w/ one load. I guess I'm just cheap (no, actually I AM cheap), but before spending a lot of money, I'd first try and squeeze some additional accuracy from your gun using a little work on your end. You may've already done all these things, but I'd suggest at least looking at my suggestions near the end of this thread . It's not mentioned in the prior post, but you can also bed the action w/o much expense. You can do this using Youtube videos to guide you.

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What are some factory loads that I should try? Is it worth upgrading the trigger, stock, barrel, etc on this gun? I'm looking to waste some money on something.

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I don't shoot factory ammo, but I'd suggest a box of a couple different loads that are highly recommended. New stock, new trigger, new barrel......that's gonna run you a lot of money and may NOT make much of any difference. It's a betting game. How much do you want to spend? What is your accuracy goal? Heck, for just $337 you can buy a brand new Savage Axis II in 308 Win , complete w/ a
pillar bedded, synthetic stock and adjustable trigger. I've had a number of guns rebarreld, but it was always in order to change calibers. I've never had to debarred a gun due to inaccuracy of the factory barrel. I've also never had to change stocks to improve accuracy. I like having different guns so if I had money to burn, I'd probably buy a new gun in a different caliber instead of rebuilding your 308, especially since your 308 already has decent hunting accuracy.

Having said all that, it's your money so enjoy spending it. Keep us updated.