Since I posted this initial post I have learned even more as I have dove into the relm of building extreme accuracy rifles.
THe most dramatic thing I have learned is that while the proceedure I listed above certainly will tune up some actions and make nearly all rifles shoot in the 1/2 to 3/4 moa range, there is a much better method of accurizing which is the one I use now.
Before when I would print an action I woudl thread in a mandrel into the action and use this mandrel to dial in the receiver in the lathe, all you are doing is dialing in a single point on the axis of the mandrel.
What does this do for you as far as accuracy, not much.
You see, it is generally the receiver threads that I have coem to learn that is the largest problem as far as accuracy and consistancy goes.
Here is my new method and as far as I know this is the most modern accurizing method being used today.
Step one: Dialing in the receiver in the lathe.
Unlike before, where the receiver was chucked up in the lathe chuck, now I use an accurizing fixture that is basically a 6" long cylinder of aluminum with a wall or roughly 1" in thickness. This cylinder has four bolts in around the front of the cylinder and four around the rear of the cylinder. On the rear there are two sets of holes, one for long actions and one for short actions.
These eight bolts(4 front, 4 back) are used to hold the receiver in the cylinder which is then mounted in my four jaw chuck. The fixture is dialed in so that there is no noticable wobble in the fixture as it spins. There is no need to get it perfect as the action will be fine tuned later.
After the receiver is secured in the fixture and the fixture is centered in the lathe chuck, specially sized bushings are placed in the receiver. One in the rear of the receiver and one in the front. These bushings vary in diameter by 0.0005" so that the bolt way diameter can be matched perfectly.
When the proper bushings are fitted and in place, a precision mandrel is then slide into these cyinder shaped bushings. This mandrel extends 6" in front of the receiver.
Now comes the dialing in part.
With the old common method, dialing in a receiver took about 5 minutes, this new method can at times take up to 1/2 hour but generally 15 minutes or so.
First step is to take two 0.001" dial indicators and position one just ahead of the face of the receiver on teh mandrel at 12:00. The other is placed at the end of the mandrel, 6" farther out and again set up at the 12:00 position.
The receiver is then turned in the lathe chuck by hand and the dial indicators will be dancing all over hell!
To dial the receiver in, the four mounting bolts on the front and rear of the truing fixture are used as four jaw adjustable chucks.
The front bolts are adjusted first. These correct the run out for the dial indicator right at the receiver face. When this is running in the 0.005" range you move back to the rear 4 bolts which adjusts the dial indicator out at the end of the mandrel, 6" from the face of the receiver.
This is also dialed in to roughly 0.005". There is no point getting it perfectly trued yet as adjusting either set of bolts will effect the run out of the ones you do not adjust.
Then you go back to the front four bolts and adjust them down to 0.001" and then go back to the rear four and do the same thing which just put more run out into the indicator you jsut adjusted but as you do this back and fourth several time, the run out on both dials begins to shrink as the receiver comes into alignment with the axis of the bolt way.
Once both 0.001" dial indicators are reading less then 0.001" and I dial them down to less then 0.0005", you remove the 0.001" indicators and replace them with 0.0001" dial indicators. This is really fine tuning here.
The same proceedure is followed until these fine reading indicators are basically not moving. They both should be basically static as the receiver is turned in the lathe. We are dealing with run outs in the millionths which is less then the human eye can really accurately detect even with these fine measuring tools.
Once you have both of the dial indicators perfectly dialed in, your action is perfectly true to the axis of the bolt way in the receiver.
Just to show myself the difference this makes compared to dialing in off the receiver threads, I fitted the threaded mandrel to a perfectly zeroed receiver and took measurements with a 0.001" indicator right at the receiver face on the mandrel again at 12:00 and then 4" out which is as far as the threaded mandrel would allow.
This action was perfectly zeroed to the axis of the bolt but the readings on the threaded mandrel told a very interesting and disturbing tale.
The indicator at the receiver face was showing a total thread run out of 0.008" and out at 4" there was 0.028" of run out. This just shows how out of axis the receiver threads are cut in relation to the axis of the bolt way.
Once the receiver is dialed in perfectly in the fixture, the threads are then single point cut to a 0.010" larger diameter or whatever it takes to clean up the threads so that they are now perfectly square the the bolt way axis.
After the threads are perfectly trued, the bolt lug locking recesses are recut perfectly square to teh bolt way axis as well and then finally the receiver face is trued up.
The difference this method makes is this. In the old method, and frankly, the one 80% of the gunsmiths out there are using, the bolt lug recesses, threads and receiver face may well be in alighnment with each other but they are not on teh same axis as the bolt way axis and thus the bolt face and locking lug surfaces will also be canted to teh axis of the bore.
With this new method, everything is in perfect alignment and to prove this a simple measurement is taken.
With the bolt and receiver trued you insert the bolt in the receiver and close it down in the locked position. This is a stripped bolt and receiver.
A measurement is then taken from the bolt face to the receiver face with a depth mic with the receiver pointed toward the ceiling. Four measurements are taken, at 12:00, 3:00, 6:00 and then at 9:00.
With the old method, you would generally gave around 0.001" variation in the measurements.
With the new technique, the difference is not measurable with these tools so it is well under 0.0001".
To take things a bit further, the bolt way can be reamed with a precision reamer which is also piloted with the bushings mentioned above. After the receiver is reamed, the bolt is fitted with sleeves that produce an extreme quality fit between the bolt and the receiver.
In a conventionally accurized rifle, even if everything is perfectly square, when the rifle is cocked, the striker assemply is forced vertically and thus the bolt is as well. At least as high as there is slack between the bolt body and top of the receiver. On Rem 700 actions this is generally in the 0.005" to 0.008" range. What this does is lifts the top recoil lug off its baring surface.
So even though the bolt lugs and lockign recesses are pefectly lapped for 100% contact, when the rifle is cocked, the top lug is liften off its baring surface.
When the rifle is fired, the bolt drops from its raised position and creates a vibration pattern which is not consistant from firing to firing and fliers will result to some degree.
With a properly sleeved bolt, there is no room for the bolt to move and so the botl lugs stay perfectly solid agains their locking recesses and consistancy and accuracy are greatly improved.
Here is an example of the first rifle I built using this method. This is a three shot group at 200 yards from one of my Barrel Bedded V-Block rifles chambered in the 22-6mm AI shooting the 80 gr Berger.

This is my personal best three shot group at 200 yards. Hell its my best three shot group at even 100 yards.
This is the true measure of the diffence this accurizing method can produce.
I must say I though I knew quite abit about blue-printing actions when I posted the original post not that long ago. Since then I have learned that I was doing what 80% of the smiths out there are doing, offering a product that is supposed to be blue-printed but in reality they are not even close.
Kingpin is right, it is not rocket science but it is spendy to get tooled up to do this correctly and also like he said, you need the desire to do it. It can be frustrating bending over your lathe for 30 minutes to get a receiver absolutely perfect. Many will say you don't need to dial an action in this tight.
Everytime I hear this I just think of that little .094" three shot group and tell myself it is well worth the time. It adds a little to my accurizing costs but again when my customers are averaging 1/4" groups out to 200 yards and 1" groups at 500 yards, they forget about a few extra buck.
Well just thought I would update my post and publically tell you all that I had ALOT to learn. Still do but I know alot more now then I did a few months ago and the rifles are really showing the results on paper and in the field.
Here is a pic of the rifle that shot that group:


All of my rifles from that rifle on will be built using this method obviously, including my Extreme Sporters in the Allen Magnums.
Good Shooting!! You should all be ready for bed after that boring reading!
Kirby Allen(50)
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