Townsend Whelen recommended sanding inside the bands, with an Officer's supervision, just enough so that elongation of the barrel as it heats isn't inhibited.  Some Krags I've ran across have been worked over and the majority of the barrel is free floated.  Under the handguard is all free floated, with some of the channel left to very lightly contact wood and metal in the area of the rear band, with the band tight enough to the wood that it doesn't move under sling tension, then free floated again to a point about 1" behind the upper band.  Upper bands are tight to the wood, but the two over barrel bands only touch slightly on alternate sides.   Other than where they touch, I can see light between bands and barrel.  Having a band too tight will make another one of mine throw the first shot a couple inches higher than the rest of the group.  Your rifle might do better if you loosen the upper band, might do better to tighten it, they seem to be individual in that regard, but I'd try upper band a little looser first. Sort of a pain but gives you a reason to shoot more groups!