Would worn out rails be the main cause of cycling issues?
what your looking for is the bolt bite. best seen when you pull the trigger assembly look at the back of the rails the bolt over rotates on modem ammo and bites into the rail causing notches that get cut in the receiver and the action bars those start to hang up.
this is a very common issue with the 742
followed by rusty chamber
Magazine issues are of course possible also as they are the most common issue in most cycling issues in all semi auto guns.
I have a theory that since the 740 was really just a couple years behind the M1 garand in development and that the Green and white box Rem corelok ammo was M1 safe gas port pressures that the rifles were not designed for the gas port pressures of modern ammo.
that and Rem had bean counters and price points they were trying to make even in the 1950s.
a gun that lasted 500 rounds at a price point they could sell sportsmen that could rapidly deliver 4 rounds of 30-06
they likely figured a 20 round box of ammo a year for 25 years would be a lifetime of hunting for most
the interesting thing is you don't hear about these issues in the 308 version , the action is identical , the magazine and barrel are the only difference
1940 30-06 was mostly loaded to modern day 308 velocities 2750fps with a 150 gr bullet
when I realized mine was starting to bite the rail I had been using Win white box super X 30-06 I had purchased in 93 when I purchased the rifle I really had not shot it much 100 rounds it was made in 1966 so someone had owned it before me not sure how much they shot it probably not a lot it looked almost new in 93 when I purchased it .
I started loading my 30-06 ammo to 308 velocities and it is such a soft recoiling gun now. not that it was hard before , shot a buck with it this last year it now shucks the cases out about 3-4 feet out it used to fling brass about 20-25 feet over gassed with a non adjustable , non compensating gas system.
I don't know if it will make it last forever but I figure a good while longer and the deer don't know the difference I shot just in front of the right shoulder and got exit just before the ham on the left side 165gr Speer btsp
44gr H4895 under the 165 gr speer btsp was just right for mine. I have not chrono the load but by loading book should be right about 2650fps
I was talking about this issue with a gun smith who said he fixes a bunch of them he stones the action bars and receiver and the gun lives 100 to 200 more rounds of standard ammo.
if this is something you don't already own unless the price is almost give it away cheap I would not buy it parts are getting harder and harder to find
now if you find a 760 or 7600 pump they lasted and lasted because they were not getting beat up by the gas system they also sell for more because they are sought after