The nice thing about the savage is that the bolt head is floating. As long as you are using the same bolt head, you could have the timing done before or after.

Timing an action just make sure things are cut right between the lugs on the action vs. lugs on the bolt. He also does some tweaks in when things get cocked..haven't found a clear explination on that. It supposedly fixes heavy bolt lift issues.

Truing an action .. not 100% sure what Fred means by that.. but most places it means truing up the face of the action to be perpendicular to the threading. Making sure the action body is aligned perfectly.