I had a 700 with a synthetic stock which I bedded and floated myself. It would put 3 shots under 1 MOA. I forget now, the exact order in which I went about the various procedures.
To give you an idea of somewhere to start, check the fit of action to stock. The tang of the action should be neither above or below the synthetic stock. In other words; flush with the stock
No, I'm not tryin' ta Goldilocks ya mate
The front receiver ring should sit so that the uppermost part of the stock is level with the centre of the bore. Remove the bolt and look at the chamber/leade and the stock in that area. The top of the stock [the beginning of the fore end] either side of the chamber, should be level with the centre of the bore. Adjustments might have to be made to the stock material to give effect to this condition.
When satisfied, begin work on the clearance in the barrel channel. More than a bank note's thickness will be required, especially Under the barrel. Work from action to fore end tip, leaving the tip til last. You might want to try leaving a "banknote" of clearance at the top sides of the fore end. Do not bolt the action to the stock during this process. Simply clamp the barrel in a well padded vice a few inches back from the muzzle and fit the stock to the metal from underneath. The action-area of the stock could be relieved at the same time as the barrel channel, so that there is only contact at the tang and fore end tip.
Then bed the action. When the bedding compound is cured, relieve stock material at the fore end tip to the desired degree, clean away excess compound and test.
Good luck mate and Go The Wallabies