1) Yes, but what type of strength? There are lots of angles and directions of force to contend with, not just a simple case of totally altering an engineered design by drill bit.
2) Because they do all the milling PRIOR to heat treating. It's about designed specs. Also be careful with how "strong" an action is. Salvage doesn't tell you what they design them to. While it is vogue, it is also completely stupid when a reloader thinks they can "read pressure signs" by looking at brass. From the Strain gauge pressure system I use, many of todays cases begin to show "signs" of something around the 75,000 psi mark. Gun makers design a receiver to survive XX number of pressure cycles, for the highest SAAMI operating pressures for which they will chamber. But we don't know how many cycles that is. How much do you shorten it's lifespan by "watching for signs" and over pressuring the system? How much will you hurt the design by drilling in it? Only way to know is to test a few receivers for a benchmark, then drill and re-test. Without some serious equipment, you can't measure it.
3) Covered this already, before hardening, and as a design parameter.
4) Unless you really just want your rifle to look a certain way, why such a endeavor? You are talking saving such a miniscule amount of weight, I don't get the point
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