Years ago Jon Sundra wrote an article for SHOOTING TIMES magazine (did I just date myself?) about how to slick up a bolt action rifle, and I tried it out on my old tang-safety M77. I honestly couldn't discern any difference afterward. Now maybe I was too conservative in my approach, I don't know.
IIRC, the procedure involved lapping various **non-critical** aspects of the bolt travel with a very fine abrasive. I used J-B Bore Cleaner; perhaps I should have used 600 grit Clover Compound instead.
Anyhow, don't close the bolt with lapping compound on it, because you WILL increase your headspace! Be certain to **thoroughly** clean out anywhere that the abrasive may have come into contact with when you're finished. I'd suggest a minimum of 2-300 back-and-forth cycles of the bolt, if you hope to see any marked improvement.