Well, unfortunately I have done this test. ........ snip............ I took it to the range and it is 1/2" or better more times than not (if the nut behind the bolt does his job) and a bad group is 3/4". ........ snip...............
With respect, what you did was not actually test. Yes, it's an anecdote and it's nice that your rifle shoots OK now, but your experience doesn't answer the OP's question.
I have achieved the precision you mention numerous times starting with an inexpensive Savage rifle or action, screwing on a 4 or 5 hundred dollar barrel, bedding it in an inexpensive Boyd's stock, and working up some careful hand loads. No truing, no fancy machining, and no need for a gunsmith. Any DIY shooter can make a nice shooting Savage in his/her garage without any outside help. I think you could say something similar for many other brands of factory rifles.
As you explain in your complete post, you had a pretty bad rifle which, after lots of work, plenty of frustration, and a considerable sum of money, you finally got to shoot acceptably well. Congratulations, but truth be told you didn't have a good rifle which turned into a great rifle simply by truing the action. That's the hypothesis on which this thread is based. Perhaps I'm wrong, but I assume the OP is talking about a properly functioning rifle to begin with. As I understand the question, is truing the action of a descent rifle going to show significant and measurable improvement in precision at the target or is it mainly a process which makes the rifle cycle better/faster?
I'm not sure what was wrong with your rifle to start with, but I think you would agree that the initial performance was not what one would expect from a half descent factory rifle. That is evident from your long and frustrating quest to correct the unknown problem. In other words, something was wrong with it and perhaps truing the action was the step that set things right. But the question at hand is, as far as I can tell, about any potential improvement associated with truing up a good rifle, not repairing a defective one.