I would use a simpler & smaller 'nut' and remove as little wood as possible.

Maybe an inside threaded metal tube with a cross pin, peened-over on the ends, to mate and  interlock with the Savage  barrel-band.

The threaded-tube could serve as a kind of pillar and be trimmed to length. I would file a radius or 'V' on the top of the tube. Its length would have been adjusted so that when assembled to the band and slid to the desired place up the barrel taper, it would eventually contact the barrel and 'lock' into a semi-firm vertical position.

The threaded-tube would also be adjusted to control the depth it penetrates into the Stock forearm. A stepped hole in Stock would accommodate the threaded-tube while allowing a bottom anchor screw to bear against wood.

Some wood removal would be necessary to clear the legs of the Savage band. If the legs angle inward instead of being parrallel, less wood removal is necessary.