Can't figure how to post a link, but here's the text from a post on another forum in which Roy at RVBPrecision did exactly that. The big concern with silicone seems to be rust. Roys rifle had a titanium action and SS barrel. Some members voiced concerns that the SS might rust anyway? There was never a follow up on the rifle posted so I have no idea how it looked down the road.
I'll PM ya directions to this entire thread if you like, or you might just contact Roy at his web-site and ask how she faired in the long run.
Let us know how it works if ya move forward with the project.
HERE'S THE TEXT
"I built this rifle and had a heck of a time getting it to shoot under an inch. I tried free floating the barrel and adding a bit of barrel pressure at the forend. In both cases it shot 1.5" , 3 shot groups.
I decided to try something radical. I bedded the whole action and the barrel in GE Silicone Seal. I kid you not! I simply coated the action and the barrel with release agent, rigged up a couple of action screws to hold the action a 1/8" out of the stock, filled the stock with silicone seal, and sqwished the action and barrel into the goop. After everything dried for a couple of days, I cleaned up the excess silicone and tightened up the action screws to 35 inch pounds.
Went to the range and put three shots into the same hole! Worked for me! "
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Roy B
Dartmouth Ma
CZ 527 Magazine Modification
www.rvbprecision.com