I've done it. It can be done with a drill and router and hand tools. A micrometer or good accurate steel ruler help, also.

Once you have your blank, I would lay out on top the outline of the action and barrel along the centerline. Now you need to drill holes for the action to the depth necessary. Be careful, and maybe a little shy of the final depth. Now finish it out with hand chisels.

Now do the barrel channel with the router. A external guide for the router is a good idea. Again, finish by hand.

Now, if you have done a good job and have your pillar holes drilled, install the pillars in the action and drop in with some cabon black on the bottom to mark the high spots. Cut them out and now you're ready to start on the outside. Its possible, but not a extremely easy job. A mill and drill press make it much easier.

There are several tutorials available at youtube.com.

Or get a pre-inletted stocks from Richard'snd and do the final inletting.

Larry
Tinkerer