Never seen a Remington 700 with .040 bolt lug offset. You aint gonna lap .040 for many reasons. Measure with a depth Mike the receiver ring to the interior bolt abutments on the receiver they should be close to equal. If they are equal depth...and the bolt lugs really off .040 by actual measurement...replace the bolt with a 700 Remington bolt from say PT&G in the bolt face matching the cartridge head you plan to use ...223,308, or magnum for your reciever long or short 700 action. If you try to take .040 of the lug you have a major operation...requiring some skill.
Because you will destroy caming. You have to re weld the bolt handle into a new position .040 closer aprox to the lugs. You need or have to mill fixture the exact width of the bolt lug to a slight press fit. Turn and thread a brass heat sink, buy heat stop paste for bolt body and ribbon silver brazing, and Flux from Brownells. and an acetylene torch. Then be able to transfer exactly the position the bolt needs to be in and feeler gauge to get exact clearance of bolt handle to the rear bridge clearance but use most all of the cam after you have already machined the lugs equally in your lathe of coarse. This timing is critical and close with no room for error. After your measurement have been double checked...clamp in position. Carefully remove the bolt set the lug in your manufactured fixture, with the snug fitting bolt lug groove...then move its adjustable stop to the clamped bolt handle edge. Remove clamp, flux and add Flux ribbon silver brazing replace bolt over ribbon of silver brazing...clamp into exact position with stops and location exact, I use an extra clamp applied here and part of my fixture...heat paste applied around bolt and brass heat sink threaded in bolt shroud threads ...heat slowly with torch, stop when silver brazing flows ..cool and clean up your reworked bolt is now perfect for your action...if you machined the reciever locking abutments first, the reciver ring, then recut the threads then took your measurements ... it would fit perfectly, with exact timing on cam. But if ya don't have the skill and machine tools, buy the PT&G bolt ..If the receiver abutments are equal distant from the top of the receiver ring...I lap very little, but machine true, the new bolt should be damn good but I don't like mating that true bolt to an out of square one side used locking abutment in the reciever. It won't be square as lapping compound cuts both to mate out of square..but it wipes off the blue dyekem.
You can also buy a new Remington action...if it's as bad as you say, that too would be a good place to start for the do it yourself project.
