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.
