Hi Muddyboots:
Hope your wife doesn't catch you in the house with those muddy boots on!
The Ruger No. 1 foreend is a curious ongoing problem. Can't understand why someone with the technology and desire to build such a beautiful rifle would give it the foreend setup they did ... and leave it that way for 40 years. Anyway, us No. 1 lovers are stuck with it, and my experience has been that free-floating is the best solution. I've never done it the "right" way because I'm cheap. What I do, is to put a small aluminum washer between the foreend and the mounting bracket, thick enough so that when the foreend screw is snugged up, the wood doesn't touch the barrel. I've done this with my 1B and two 1Vs with success. The 1B went from a two-holes-touching, three-all-over-the-place rifle to a consistent 1/2 to 1" shooter. It's a .223 by the way.