Finally got things squared away! Here's what I did:
First I got the rail alligned the way I wanted it, using the hole from the swivel stud for the front screw
Then I figured out where I wanted to place the other screw, and drilled 3/4 inches into the stock to ensure I'd get good threading in the bedding block:
Finally Then I tapped the hole, tested it with one of my screws and mounted the rail.
Here's the final product, my rifle with it's new rail and bi-pod