Problem with the old Model 40 Varminter (and it's Mark I/II/93R cousins) is that there just isn't much there in terms of the stock to actually bed. The stocks are soo hogged out for all the bracketry and hangers and such that you basically have two small 1/4 to 3/8" wide strips down the sides and a couple small bridges to apply bedding compound.

Shouldn't need to relieve anything to bed it as a thin skim job is all you really need. If it's a plastic stock I would recommend scuffing up the surface with some course sandpaper and then cleaning and degreasing thoroughly to ensure a good bonding surface for the bedding compound. As for bedding the rear section, it's honestly been so long since I've owned a Savage rimfire (over 10 years now) that I can't really recall what that area looks like to be able to answer that for you.