I wouldn't do it. You can lap but it isn't a pure process where the guaranteed result is that you improve geometry. When you lap on an iron lap, the lap itself has been surfaced, and it is softer so that it holds the grit, and doesn't change rapidly due to the rubbing together of parts. But here is a process where we don't know what is wrong with the surfaces and we only partly control their relative hardness. A normal bolt action does not hold the bolt body in proper alignment during the process, and other areas of the bolt that may need truing up do not get lapped, like the bolt face.
If this is a really high performance rifle then it probably is worth breaking down and machining the surfaces if it doesn't perform up to expectations. If it's a normal rifle, then I think you can improve accuracy with simple stuff like better shooting, bedding, and load development.
I suppose if you have a serious rifle that you would be willing to invest in should it need a complete rebuild, then you could always try the lapping since any damage could be undone during machining, and who knows you might lap in a home run.
Theoretically you could lap so much that you might change headspace. I imagine people get bored long before that. You also need to get all the grinding compound out after the work is done and flush out all the grit, or it will keep wearing the parts until it is all broken down.