Took the plunge tonight and chose to skim the front action screw area, rear tang, and lug to chassis (rear of lug) interface. There is enough material relieved on the sides of the lug that I wasn't confident going all the way to bed to the sides of the lug without having a huge amount of compound slump down under the lug. I build it up a little bit and we'll see what happens. I can always clean the release well, grind a little and build it up some more on a second attempt if this is the only problem area that needs to be addressed 
I did a dry run with plumbers putty as my compound to see roughly how much I would need without excessive squeeze out. A little bit of a pain to clean it all up for the real thing, but worth doing on my first job so I didn't overshoot by 2-3x the amound of material and end up squeezing out a ton everywhere. On a chassis that fits fairly well, you need a whole lot less than you might think initially.
Only real snafu was that I was planning on using the surgical tube tie method for action pressure and the weight of the barrel was too much to hold it without pivoting forward I could have removed the barrel on but was concerned about making sure barrel was nicely lined up in the channel. I ended up having to use the well waxed action screws just finger/hand tight spinning an allen key to set the action in place just like first steps of normal chassis mounting. Tight enough so it was making good vblock contact and it displaced just enough epoxy to get what i would consider good, but reasonable squeezeout (coming from a woodworker joint perspective), but certainly not anywhere near torqued to 65 in/lb. Hard to believe i could have tweaked the action at all this way, but who knows.
Everything cleaned up pretty easily with acetone, paper towels and a few q-tips and only one ding to the chassis that i didn't "mean to" while grinding. Nothing a tiny drop of paint won't hide forever.
We'll see what it looks like come morning! Hoping for 75% coverage on my first try!
Thanks for all the opinions guys - keep 'em coming.

I did a dry run with plumbers putty as my compound to see roughly how much I would need without excessive squeeze out. A little bit of a pain to clean it all up for the real thing, but worth doing on my first job so I didn't overshoot by 2-3x the amound of material and end up squeezing out a ton everywhere. On a chassis that fits fairly well, you need a whole lot less than you might think initially.
Only real snafu was that I was planning on using the surgical tube tie method for action pressure and the weight of the barrel was too much to hold it without pivoting forward I could have removed the barrel on but was concerned about making sure barrel was nicely lined up in the channel. I ended up having to use the well waxed action screws just finger/hand tight spinning an allen key to set the action in place just like first steps of normal chassis mounting. Tight enough so it was making good vblock contact and it displaced just enough epoxy to get what i would consider good, but reasonable squeezeout (coming from a woodworker joint perspective), but certainly not anywhere near torqued to 65 in/lb. Hard to believe i could have tweaked the action at all this way, but who knows.
Everything cleaned up pretty easily with acetone, paper towels and a few q-tips and only one ding to the chassis that i didn't "mean to" while grinding. Nothing a tiny drop of paint won't hide forever.
We'll see what it looks like come morning! Hoping for 75% coverage on my first try!
Thanks for all the opinions guys - keep 'em coming.