Technically, if a single peice of paper will slide all the way down between the barrel and the stock, it is free floated. But I like a little than that between the barrel and stock, about .050" clearance all the way around.

I think you could probably do it yourself, just take your time, don't get in a hurry, and pay atttention to details. I personally use Micro-Bed bedding material, I make my own pillar sleeves, but Brownell's has them for many style actions, and the most important thing of all, a good release agent, like Brownell's Acra-Release. You can get all the materials that you will need from Brownell's, I'll list the product and stock #:
Micro-Bed #594-600-000
Acra-Release #081-028-000
Rem. M-700 Pillars #720-200-700
Universal Pillars #080-708-000

When you're ready to get started on this just post for instruction detail or drop me an e-mial, and I'll explain the details involved in this project.