Thanks for the advice guys. I think I will sand out the barrel channel, possibly refinish the stock(I have done several with true oil and really enjoyed it) and probably address bedding the action. I have never bedded an action before, I am kind of nervous to try, not sure if this is a good one to practice on...
I would not touch that glop of bedding compound, until after you bed the action. That glop will keep it elevated in the stock just right to maintain the freefloat it has. After glass bedding the action, then you can remove it. However, I'd shoot it first to see how it does. That will give you a baseline to work from. Then when you remove that glop of bedding under the chamber, shoot it. If it shoots better, leave it as is. If it shoots worse, put a new bedding pad under the chamber area.
