I've been toying with the same idea. What action were you thinking of using?
BTW - someone did this about a year ago with a similar stock and an HW34 if I recall correctly. The work was approached in an innovative way - I think he heated the action and melted it into the stock! Plastic oozed out and he trimmed it back. Seemed like his priority was expediency rather than craftsmanship - but it DID work. Based on how I recall his experiment, using more conventional inletting methods would be the way to go.
Mike