"...It shoots above my shooting capabilities as is..." Rule Number One. If it works, don't fix it.
Floating a barrel may or may not improve the accuracy. Some rifles like it, some don't. Unfortunately, the only way to tell is to float the barrel and shoot it. You remove the high spot on the stock in the barrel channel. Do not remove any wood under the chamber area though. Just the barrel. If it doesn't improve the accuracy (like JNewell says, it probably won't), just put the pressure point back in with some bedding compound(buy an Acraglas kit). That'd go about an inch aft of the end of the forestock.