I've done it once with good results. You might want to fill in the empty space behind and under where the heel of the receiver sits with epoxy putty to give a more solid base to work with. If your ferrule is in contact with your barrel band then prying off the ferrule and sanding down both the stock and the ferrule base before putting it back on should do the trick. Remember that after bedding there should be around 7lbs of downward pressure on the barrel band from the stock to keep proper tension on the front end - look up the coat-hanger trick in the stickies (I think it should be there, or if not it's probably in one of Tonyben's videos on Youtube)