Before you do anything to your rifle, order Richard Franklin's DVD on bedding rifles - it will be the best thirty bux you spent. there are others, but I recommend Franklins because he shows how to do it wout out using a milling machine. After watching it, look up a recent outstanding
thread on this forum showing the bedding of a Wetherby using all hand tools + a drill press located here Pillar bedding the weatherby vanguard - *PICS*
. Between the two sources you should have most of your questions answered, and answers to about 1,000 questions you don't know to ask.
From your questions, this would be the first time for you. A little bit of study and knowledge aquisition will make this a rewarding project, and also keep you from ruining your rifle.