Hi Nascar-

I am correct assuming this is a 1957 M70 Standard rifle or Super Grade and that you are referring to the barrel bedding screw that passes through the bottom of the fore end and attaches to an escutcheon fit into a dovetail on the bottom of the barrel?  As below (lifted from Ebay):

The .300 H&H Magnums used the same standard barrel contour as most other chamberings except the barrel was 26″ long.  These standard barrels are the ones with the “goose egg” that was dovetailed on top for the rear sight and underneath for the bedding screw escutcheon.  The barrel escutcheon and bedding screw are as below (lifted from pre-64win.com):

This inside of the barrel channel if unaltered would look like this (again lifted from Ebay):

This is all that should be there on a 300 H&H Magnum.

The escutcheon and screw may have been removed at some point, since some folks feel that anchoring the barrel to the bedding might be detrimental to accuracy.  If they wanted to “free float” the barrel they would have removed those parts and then opened up the stock inletting to some extent.  As originally manufactured you should not be able to slide a piece of paper or playing card between the barrel and stock.

Hope this helps…  Lou

I’d leave the stock in ‘as is’ condition and the decision of whether or not to refinish up to the new owner….