Long range hunting and shooting is addictive and expensive. Even so, you don't have to go overboard with your spending. In fact, a little money spent in the right direction will get you a lot of mileage.
I suggest you assess where you stand now. That way, you'll have a better idea of what to spend money on and whether you're making progress.
How well does it shoot now with decent ammo? e.g. Federal Gold Medal Match
Is the barrel floated already? i.e. Can you run a dollar bill (or thicker) under the barrel practically up to the receiver without the stock pinching it?
If not, then you might simply want to start by floating the barrel yourself using various grades of sand paper around a dowel to open up the barrel channel enough to float it.
Once that's done, reassemble and shoot it. You should definately be grouping under an inch at 100 yds by now.
Bedding may help shrink that down a tad and help maintain accuracy longer and under more varied conditions. You can do a very nice job in your garage with a dremmel and some Marine Tex. I feel that aluminum or steel pillars are optional. But, I do agree that the job will last longer if you include them.
There are lots of threads, articles, youtube videos, DVDs, and books about bedding.
If you're not shooting decent groups by now, then something isn't right and you should get a second opinion since it could be the rifle, ammo, or the shooter.
As JE points out, a good trigger is a big plus. Tuning the factory trigger and/or replacing it with an aftermarket such as Jewel or Timney is also something lots of guys do themselves. But if you're not 100% up to speed on all of the safety issues, then you should seek out a reputable smith.
You never indicated whether you handload. That's an essential aspect of fine tuning accuracy as well as achieving the consistency needed for long range hunting and shooting.
Also, you haven't mentioned optics. A good scope that's properly mounted will make a huge difference.
Keep us posted
-- Richard