Close measurements first... then a bit of trail and error... I prefer to end up with about 5 thou clearance between barrel and bolt when the barrel is tight.
At that point it's too late. Use a protractor to measure the bolt and to set the compound, don't assume 30 on the bolt will match 30 on the lathe. Make a cut to get started then screw on the action with the bolt closed and measure the distance between the face of the action and the barrel. Do this a few times as you sneek up on it and make your last cut by adding .005" or whatever you want for clearance.