First of all you one can't measure the firing pin protrusion with the bolt disassembled.
The bolt should be cleaned, lubed and reassembled. Then it should be cycled a few times to make sure everything has "set in." At that point if you accurately measure protrusion, it should be consistent from measurement to measurement.
If the pin protrusion is limited by the cocking piece pin, than it needs to be readjusted. The Firing pin stop/adjustment nut impacting the rear of the bolt head is what should stop the forward travel of the firing pin when the rifle is dry fired.
If you have not yet read these references, they may help clarify things: :
http://www.savageshooters.com/conten...Assembly-Parts
http://www.savageshooters.com/conten...rotrusion-Data
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