2kind2clays, I think JMLJonty is on the right track. A stock configured like yours is optimally bedded with the tang recoil lug (the part where the draw bolt fits) and the blunt front abutments simultaneously bearing against the receiver, favoring the lug as the main recoil transmitting zone. Stating that a stock like this should only bear via the tang recoil lug and not contacting the receiver with the front abutments is somewhat misleading, in my opinion. Like Jonty states, there should be no free play possible between the stock and receiver; even with the draw bolt tight and the recoil lug bearing, recoil flexing could still cause damage to the front of the stock if the abutments wouldn't bear against the receiver at all and there would be minimal play, just allowing the receiver to hammer- or vibrating back against the top edges of the stock. This possibility could certainly be eliminated by generously relieving the front contacting zones of the stock, but this would be all but a professional fit.
I would just remove the feather edges caused by the receiver setting back into the wood and only relieve the front abutments- and contacting zones if the tang recoil lug wouldn't bear fully under draw bolt tension without the front ends taking the main load; then I'd epoxy bed both the contacting faces of the front abutments and the recoil lug under moderate to slightly tight draw bolt tension. You'd have to pull the oil from the wood as per customstox' advice until the wood is dry and lightly sand the surfaces before you could work with epoxy. I use a slow curing, medium viscosity and high impact resistant epoxy for this kind of job, leaving the wet epoxy sit on the wood as long as possible before it starts to set noticeably before I assemble the stock and receiver (receiver waxed with Johnson's paste wax and fully dried); this makes for good penetration and bonding of the epoxy and stabilizes the end grain. From what it looks like, couldn't you just get away with carefully sanding the chipped area and refinishing? I'd rather accept the metal being minimally proud of the wood before I'd take more drastic steps; if done meticulously, I think the result could be pleasing. If the metal is only minimally proud of the wood, the surface can be built up with finish to some point, if so desired.
mjm 3200, I don't know if I understand your description correctly. Generally speaking, the statement that only the area around the stock bolt (=tang recoil lug, tang bridge) should be bearing isn't correct, in my opinion. What about those stocks without a thru bolt and multiple recoil bearing faces? If you quote that "a stock shouldn't actually touch the receiver in the side slab area", do you mean the abutment faces like in 2kind2clays' stock, or the wood to metal fit along the tangs? An optimally fitted stock wouldn't ideally show air between metal and wood. I heard the statement you quoted before, but it was used to justify sloppy workmanship or lack of knowledge; I don't try to imply that would be the case with your stock or gunsmith, however.
BG