On a 700 action I like to do something a bit different with the action screws. I have a set of bolts (easily found at any hardware store) that are longer than the original action screws by about an inch or so. I cut the heads off of the bolts, gring a small flat on two sides of the last 1/4" (so they can easily be removed with a wrench later), put them into the action, and put the release agent on the bolts. This seals up the threaded holes in the action, and pushes the bedding compound down through the stock action holes.
Normally the original action screws are pushed up through the bedding compound which pushes a bit of compound into the screw holes of the receiver. Using the original action screws works fine, but the alternative method works a bit better. With the alternative method weight (about 10 pounds) is placed on top of the action to keep it down into the stock while the bedding compound sets for a few hours.
If you use the original screws be careful to tighten them enough to pull the action down into the bedding compound, but not enough to stress the action. The tang and the taped barrel will make contact, but the front of the action is being pulled into a thicker area of bedding which will not provide support, allowing the action to be stressed if overtightened.