The idea of tuning any front locking solid bolt action is to make ALL the dimensions true to the boreline when the action is locked up and fired.
Areas like the lug recess, raceway, receiver front, receiver threads may not be aligned so blueprinting is the worked needed to clean up all these errors
Bolt lapping is what is done to ensure both lugs will seat with as much contact as possible in the action recess at lock up. Again, due to alignment and manf tolerances, it is not uncommon to have lugs with little to no contact with the action. This allows the bolt to bend under the pressure of firing and that can cause a number of maladies for the rifles performance.
Another area that many competition shooters work on is the fitment of the bolt body in the action especially the rear under the bridge. If there is alot of gap, the bolt will drop/bounce when the sear is dropped. This has been shown to affect accuracy in competition rigs.
By bushing the rear or using a larger bolt body with a zero tolerance fit, the bolt is suspended at lock up with no movement during the firing process. However, removing all of these tolerance might make the action less tolerant of dirty environment
All of these processes are designed to make that action lock up tight, straight and not move under pressure.
Can get pretty darn pricey.
Is it necessary? For the average accuracy nut/varminter/plinker, the big advantage is that the cases don't grow excessively or worse, bend. They will likely not see much on paper.
For the competition shooter, it is pretty much a must do as you simply cannot afford to risk anything in the platform that reduces its consistency. AND you definitely don't want your cases to be wonky after running them at elevated pressures.
There is no mechanical advantage accuracy wise between the 20 and 22" barrel. The longer barrels will tend to reach higher muzzle velocities.
Jerry