As Steel Head said, the only difference between the two is the magazine box. The Ultra Magnum is wider by 0.015 to 0.020" for ADL and BDL style internal mag wells. If you are planning to use a detachable magazine, ether one will work in less it's going to be a ADL/BDL build, then I would go with the Ultra Mag action.
Also, on the detachable magazine, you will need to go with the 3.850" for a longer COAL, so make sure the chassis/stock can handle the length needed.