I think there is some benefit to bedding the lug, as you can control the actions location relative to the stock completely that way. Bedding the whole action (including around the mag recess) is prettier, if you do it well and want to admire the bedding job.
The tape donut can be anywhere along the barrel/stock interface where it won't interfere with bedding compound squeezing out of the lug area. I do prefer it towards the end of the forend.
