Chris,
As you say the shoulder of the barrel will square up to the squared front ring. He is doing hunting rifles, but doubt that it would hurt a,say, Remington. It doesn't hurt to check the square of the front ring of a custom. I would say 97% at a minimum of hunting receivers are not custom receivers.
Ammashoota, let me ask you this. What accuracy do you ask of your hunting rifle and why?
I try to provide accuracy for hunting rifles of no more than 1 MOA (this appears to be the industry standard if you look at advertising hype for the past several years). The basic problem I see with shooting for 'minute of buffalo' accuracy is that hunting is a high adrenaline activity usually done under less than ideal circumstances. Depending on the hunter's skill, he (or she) may have only a few seconds to acquire their target and shoot. The more accurate the rifle is, the better chance the hunter will have of a clean kill, assuming they do their part.
I am building a 404 Jeffrey right now, and after looking at the amount of contact (it is a used receiver) between the bolt lugs and the receiver, I could certainly improve the contact, but at what gain for the price required? If I had only contact on one lug, I would certainly true it, but given its current condition, I don't believe that is justified.
I will square up the front of the receiver. I tend to put most of my effort into the barrel chambering and threading. The other critical area in hunting rifles which are costly is insuring optimal feeding from a magazine. Depending on the action, this can be very time consuming and account for a lot of what is charged for in a build.
Since the rifle will probably never see a bench after the initial sighting in (ever shoot a DG rifle from a bench?), accuracy beyond a point becomes a phantom that is affected by too many factors that a gunsmith has no control over once the gun leaves his hands.
As I have stated previously, I would find it hard to justify the cost involved in having so many taps made to attempt to true the action threads on a single receiver.
On a bad day I can single point the action threads in under 30 minutes with a $12-15 threading insert. However, it is his money to spend as he wishes.
On the other hand, if someone came to me and asked me to build them a rifle to hunt mule deer with at 400+ yards, I would treat the project differently. While I personally would not take a shot beyond 300 yards, I understand that certain animals (big horn or Dall sheep are another example) can provide a challenge that might require a higher level of accuracy.
It's like I have heard it said in auto racing: "Speed costs, how fast do you want to go?"