I have a similar vintage Model 700 and an older model 722, among several others of various manufacture. All in wood stocks. Correct or not, I tighten them like you would a tire rim, so they get tight together. You don't want to tighten one down snug and then tighten the other as you have the potential to bend things. Not a good idea. So just snug them in together and as tight as you can with a good screwdriver - one that fits the slot in the screw snugly. Don't believe you can overtighten them, unless maybe you live in a climate with wet seasons and dry seasons as the wood will swell and shrink. Mine were in Maine for twenty plus years and then I moved to Wyoming. Wet climate to very dry climate. I'd never had guard screws come loose before, but they did! When I moved to Southern California, I had to remember to loosen them and let them get aclimated to the weather and then tighten them back in. Now I check them whenever they come off the rack to go to the range or to the field. Can't be too cautious.
Regards,
Sweetwater