ok, i'll throw a couple pennies into the ring... one thing i've learned is that there are many different ways to do it, and not many are blatantly wrong...so, this is how i do it for my rifles:
prep work... this can't be overstated. i like to start w/ a free floating barrel. next, i get a tube of lipstick from my wife*, and put a sanding drum on the dremel. i begin by removing all the lacquer/sealer/stuff from the action area. then i 'paint' the bottom of the action w/ lipstick (red shows the best, but use whatever color turns ya on), and put the rifle back into the stock (carefully). then, press down firmly (not hard) on the center of the action. pull the rifle back out of the stock (carefully). you'll see spots, lines, and areas on the wood that have lipstick on them. dremel these spots w/ the sanding drum. put the action back into the stock, and press down again. pull it out and dremel again. repeat this process until you can push down on the action, and find no lipstick on the wood. it doesn't take too long - maybe 45 minutes.
ok, the hardest part of the stock work is done, and it takes about 30 minutes to do that part. next part of the stock work:
take the sanding drum off the dremel, and replace it w/ a cutter. the cutter i use looks very much like a mini- circle-saw blade, and is about 1/8" thick, 1/4" in diameter. i put several deep gouges in the entire area to be bedded. typically, i will carve 4 straight lines around the front action screw hole; 1 set of lines that run paralell to each other going across the stock, and 1 set that runs 'with' the stock. then a single long line over 50% or more of the length of the rail on each side, and then a last, small 'box' around the tang screw. last, i create a dam for where i want the compound to stop. i locate the dam at as close to where the cartridge's shoulder/neck area as i can get it. ok, stock prep is done and that step took about 15 minutes, less if you are comfy w/ your dremel.
now... metal prep. first, locate everything that will create a mechanical lock (on remingtons there is none except the trigger, savages probably should have that little hole behind the recoil lug and the bottom of the barrel nut filled), and fill w/ play-do (note, this stuff dries out and shrinks, so you have to bed within a few hours of putting the stuff in - also note that it will discolor your bolt). scrape the play-do off so that it fills the holes flush, no more. next, put a piece of masking tape over the gas ports. i don't remove triggers for this process, so i use masking tape to tape the whole works off, and then fill any voids w/ play-do. i like 2 layers of tape on the bottom, sides, and front of the recoil lug - none at all on the back of it. once you are sure the mechanical locks are taken care of, and everything plugged that you don't want the stuff into, go ahead and apply release agent. better safe than sorry, so use a lot more than you think you need. ok, almost done, and another 45 minutes shot...
this step is critical: get your action screws centered in their holes. it is the job of the recoil lug to handle recoil, not the screws... center the screws by wrapping masking tape around them until you can barely get them in their holes. once you are satisfied they are centered, or close to it, apply release agent generously. the bedding compound will likely run into the holes during the bedding process, so i always drill the holes out slightly oversized as a matter of course during the clean-up process. but centering them now will help locate your action where it needs to be... 15 minute job.
do as max points out and tape off the top of your stock, too, its only 10 minutes, and will save you hours in the clean up stage...
when you pour the bedding in, make sure to put enough in to fill all the voids, and have the stuff run out...
i use the action screws to tighten the rifle to the stock. snug 'em up is all... i don't torque them down, but they are certainly not loose. now, set the gun on the cradle that max mentioned, and put it someplace warm, arid, and completely out of the way. you won't even look at the gun again for at least 12 hours, and 24 hours is better... after 12-24 hours has passed, go ahead and break the screws loose, and then put them right back where you had them, and put the gun away again... you still have another 36 hours or so to wait before you should mess w/ it.
* - your wife will be pissed about the lipstick, so it is best to throw it out, and not return it, and then deny any knowledge of it whatsoever. i am dead serious.
Edited by dakotasin