Too much freebore won't cause excess pressure, it'll actually reduce peak pressures somewhat. That's why Roy Weatherby's cartridges have so much freebore, to reduce peak pressure so more powder could be burnt safely, creating more velocity.
As for causing other problems, I doubt it. About the only thing it might do is reduce accuracy somewhat (or maybe not).
As for headspace, what makes you think that your rifle has too much? The Stoney Point gauge measures where the seating depth has to be for your chosen bullet to touch the lands and allows accurate adjustment after this measurement is determined. This measurement has nothing to do with headspace. Headspace is the distance from the face of the bolt and some reference point in the chamber. For rimless non-belted bottleneck cartridges this is usually a point about midway down the slope of the shoulder. For belted mags it's the front of the belt. It's completely possible that you could have a bunch of freebore in the throat of the chamber, but the headspace could be right in spec, which I suspect is the case.
If you are concerned about headspace, the proper tool to get is a set of headspace go/no-go gauges. The go/no-go gauge set for H&H based belted mags is universal.
Mike
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