Pretty damn good idea for spotting, IMO. Cut the forearm off as far back as you can without messing up the point of mounting it on a stock, and paint that stock bright orange.
I'd be pissed if I saw some do pointing something at me I thought was a hot rifle..
There is a camo condom that goes over the scope. If the stock is painted bright orange wiley coyote is going to mark me pronto. However, I agree with your concern about a potential loaded rifle pointed at me.
