tigger pins.
I had an older matte black varmint in .223 - one of the early HS-precision stocked models that did not shoot well at first. Found the problem when I pulled it out of the stock. One of the trigger pins was not fully seated and was bearing on the v-block.
some other maladys to check for in most any bolt rifle.. - I do in this order...
Check for visible burrs at the crown. If you can't see a problem with your eye, it's not causing you to shoot 3" groups.
Check that action screws are properly tightened/torqued.
Remove Scope.
Check base/ring
while you've got the scope off, check front scope base screws - are they too long... bearing on the barrel tenon? -
Check that front action screw is not too long... bearing on barrel tenon - should not have this problem on the 700
Is magazine box too tall? - should have some clearance for up and down movement - better yet, just take it out and drop in a follower and shoot single shot.
Cut-out for bolt handle does not provide sufficient clearance - bears on closed bolt.
Put on a "known" scope and shoot some groups. If it does not shoot to your standards...
Remove gun from bedding. Look at bedding for any unusual/uneven bearing spots. (like the trigger pin I mentioned at the first of this tread).
Set the trigger to 1.5 to 2 lbs and put the gun back in the bedding.
Tighten the front action screw first. Then hold the gun at the end of the barrel channel between your thumb and forefinger - touching both the stock and barrel. Insert and slowly tighten the rear action screw and note any movement you feel between the barrel and stock.
If you don't feel movement go shoot a group... If it doesn't shoot to your standards or if you have any movement when tightening the rear tang screw, stop, take the gun back out of the stock, bed properly with your choice of bedding material - I use acra glass with atomized aluminum in HS stocks.
Put multiple layers of tape on the front, bottom and sides of the recoil lug to provide clearance between the recoil lug and the bedding material. Do not put tape on the rear of the recoil lug - Do use surgical tubing instead of the action screws when bedding in HS stocks and Do bed the first 1.5 inches of barrel.
After everything dries, make sure the barrel is properly floating ahead of 1.5 inches of bedding.
Clean everything up, replace the screws and shoot some groups and see how it does.
If it shoots to your standards leave it alone.
If you're really deficient, you can now move on to lapping recoil lugs, recrowning and lapping the crown, removing the first 1.5 inches of barrel bedding just to see if it'll do any better, different primers, powders, seating depths etc...even posting for more suggestions on how to squeeze the last .001 out of your groups...