Re: model 700 bolt lapping
OP,
Are you planning on lapping with the barrel on? Using the firing pin assembly as the rearward pressure?
I hear about people doing this to factory actions because they aren't ready for truing work and rebarrel yet.
I advise against it. Bolt lapping should be done to polish up a truing job. Done with the barrel off, and the pressure being applied by a tool that screws into the action face.
Doing it with the barrel on, to an untrue action, isnt helping you one little bit IMO. Not only that but if you remove .001" to .002", you now have to worry about headspace.
If you are talking about doing it to a stripped down action, with the barrel off and truing done, then do it to it with 600 grit lapping compound and even rearward pressure pushing back on the bolt face. Firing pin assembly removed. Like Mark said make sure you dont remove the lapping compound/oil inserting the bolt.
I feel lapping should be done after truing, to simply polish the surfaces to a mirror finish. I remove almost nothing when I've lapped bolts.