Thanks for the info guys. I went back and worked on the rifle before heading to the range yesterday. I scrubbed the barrel and made an adjustment to the action screw torque setting. I previously set the action screws at 60-65 in/lbs. Too much. I reduced the torque to 45 in/lbs. What a word of difference. The same factory ammo that had been shooting at 2+ inches is near MOA.

First group after adjustments. Lowest shot is on a cold clean bore
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Doesn't seem to care much for Federal Premium
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Last two groups with Federal Fusion. Need to get rid of the outlier and I'm a happy camper
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Now that I have confidence that the rifle can shoot its time to work up some handloads. I've got some 180 gr accubond and TTSX sitting behind me waiting to get loaded up.

So with all that said, I admit, I'm a putz for not properly exploring all other options before considering a rebarrel.