Wow, thanks for all the input! Here's a rundown of what I know...
I checked the torque on the scope rings and mounting bolts last night, the in/lb torque wrench clicked as expected. I could swap scopes with my old .22 to eliminate that variable.
Magoo - I am not familiar with the action screw torque adjustment, I'll have to look into that.
I'll be getting some lower velocity ammo and seeing how that works out. I can imagine that a 16.5" barrel probably doesn't stabilize a high velocity round very well.
I am starting to wonder a little bit about the barrel. One thing I've been thinking about, and this is a little out there and I'm not sure if it would be making that big of a difference, but I almost wonder if I didn't get a 1:9 twist barrel instead of a 1:16 as the box said. TacInc makes both and they look exactly the same on the outside, but I've worked manufacturing long enough to know that sometimes mistakes happen. I'll have to find some time this weekend to take apart my old Ruger and compare the twist rate, just to eliminate that possiblity. If I run through all the other issues and can say that the barrel is the problem, I'll get ahold of TacInc and see what they might know. Worse case scenerio, I get a different barrel/brand and just use this one for another project rifle specifically built as a truck gun/plinker, might have to get one of those folding stock setups Magog was talking about.
While I'm no sharpshooter, I've never had problems throwing down good groups with any of my rifles. I can get sub-1" groups out of the .223 at 100 yards no problem, and even my old Ruger will punch the center out of a chew can lid at 50 yards. I'm using sandbags both on the front and rear, so basically all I have to do is focus on my breathing and squeeze the trigger.
Like I said earlier, I'm going to hold off with making any major changes until I can get some nicer weather and some more ammo to play with. I guess I'll just have to go do some more shooting... darn...