Sounds like an interesting project. I have thought of making a piece of aluminum channel that the action would lay in and would snug up against the recoil lug. Attach to the stock firmly, with screws and epoxy. Would negate the magazine, but I shoot mostly single shot anyway. The savage action is the same diameter at each end, isn't it? Just machine the correct radius and either elongate the holes or make the length very accurate so the bedding block fits tight against the recoil lug.
Another thought is to build a barrel block that attaches to the stock and free floats the barrel and action. Would require careful machining to match the barrel to the block. There is a guy in Canada who has done this for a F-class rifle. Search for 260 Mystic.
Good luck and keep us posted.
Bill
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