If I were going to start this project, I would first seek out a blank stock maker like this Rifle Stocks and purchase a two piece blank stock. Make sure your stock bolt hole is lined up real good, and then proceed to shape and hone that stock to your liking.
I have thought about making a stock as well, it's probably not rocket science. I think the bigest challenge would be to get the bolt hole through the butt stock. But a little math and a jig (not the dance ) and that should not be a problem. Once the hole is drilled that will dictate where the center line"V" for the receiver should go. after that its plain old carving, keeping in mind proper dimensions for fit and function.
Doing the forearm should be much easier. With oversize (you may want at least 1/4" over finished dimensions) square up stock inlet the barrel lug making it deep enough to accommodate the barrel inletting. Next inlet the barrel, I'd imaging this to be hours of mindless sanding or filing. To save time I would try to take as much wood out with a router as I can, I'd figure out what was the biggest square channel that would fit in the round tapered finished stock. A few minutes of router work should take 75% or more of the wood out of the barrel channel.
The next step is probably the most important, getting the dimensions form the barrel stud inlet to the receiver spacer right. Because that tension of a properly fitted forearm is one of that variables that effect accuracy in a handi.
To loose and vibration increases dropping accuracy, to tight and other things happen, it needs to be "just so". That "just so has been discussed here before and if I understand correctly there should be enough tension that the action will no open with the barrel weight alone. I guess the idea is to make sure that the locking lug is pulled up tight to the hinge pin.
Again I have only though about doing it at this point when I find the right piece of wood I have some Oak that should do for practice. I would think that it would take 1 or 2 practice runs before I would risk the good wood.
My 204 has a very ugly pallet wood stock so a nice piece of walnut would be so much nicer.
I am working on my own thumbhole stock right now. The best way is to just take a chisel and start going. I have found it to be far from an exact science. I will post pictures eventually or I could send them to you.
If you want to make a stock the first thing you need to do is to make a full sized drawing to establish all the critical measurements. Like LOP(length of pull), thickness of recoil pad, drop at heel and drop at toe, highth of comb for scope, pitch and distance to the tip of pistol grip from the ctr of trigger. All dimensions are from the centre of bore.
On the drawing you then draw in the bolt, the bolt shoulder and the hole angle. From this you make a card board templete. Perhaps you should try to make a stock from a cheap piece of wood to start with before you work on an expensive piece of walnut.
For a beginner it is best to start with a semi inletted stock, or modify an existing stock. Like the one below.
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