How should I tighten up a Savage 29B barrel (with photos)

Hi! I have a Ranger .22 (made by Savage - I think it's the same as a 29B).

The barrel is excessively loose. I was able to press the barrel pin out.
http://i2.photobucket.com/albums/y24...0406225105.jpg

The pin measures .21385
http://i2.photobucket.com/albums/y24...0406225134.jpg

I'm thinking of perhaps drilling the receiver for 7/32" and inserting a 7/32" (0.21875") pin. Assuming I don't drill the barrel, I'm hoping this will give a pretty tight fit and will stabilize the barrel.

Another option may be to wrap the barrel in shim stock - and just press the old pin back in...this would tighten things up, and might be a simpler and reversible approach...

I saw another posting about drilling out the hole and using the drill bit shank as the new pin, but I would like to explore other options.

Does anyone have any experience with this or opinions on how to proceed?

Thanks! Joe