I wouldn't use a table saw, I'd use a planer to remove the wood. I think an electric hand planer would work fine, you can take off a little as a 64th at a time just make sure the stock is level and firmly secured so you can put even pressure on the stock. Harborfreight has them for ~$30 or you could barrow/rent one. I would not be overly concerned about the tang depth as long as it is floating. The bolt handle area may have to be relieved more as you take material off the top.
3/4" EMT conduit is ridged and about right diameter for a varmint contour, spray adhesive (both surfaces) will hold the sand paper in place. Wood or steel broom handles off worn out brooms can be found easily, just compare them to your barrel contour.
You need to buy a 9/16" counter bore (~$25) with a 1/4" pilot (~$5) for your pillars; do a search for Dewitt Tool Co.
You need to keep in mind that you have a 111 and the detachable clip/magazine mechanism must have adequate room to function.
Hope this helps.
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