My 30-06 SPS was shooting a little funny, groups got tighter as the barrel heated.
I bedded it & floated the barrel, groups were a little on the large side but fairly consistant. I put the upward pressure (in the form of playing cards first one then 2 then 3 then 4 etc.) I found my barrel needed a little up ward pressure.
It's now shooting under 1" @ 200y.
I just got an SPS tac in .223 (its a 20" HB).... I shot a few groups for a base line with AE 55gr FMJ (1.45" @ 100y) then I bedded the action and the first 2 1/2" of the barrel.
Initial indicators are looking pretty good, I shaved a little over 1/2" off the FMJ loads at 100y. I am currently working up a load for Nosler 50gr BT and I have test groups under 3/4" at 200y. I think this .223 wants to be a tack driver!
If you don't mind plastic stocks these SPS stocks will do the trick with a little tweeking. I bed the entire barrel channel, and add a few 9mm cast bullets in the barrel channel (under the bedding material) to add a little weight. I also fill up the butt stock with expanding foam and then to balance the rifle (so it is not too front heavy) I added some old hunting bullets into the foam (just push them in to the foam after it dries/cures).
All in all I added 2240gr of bullets to my 30-06 SPS, 10 124gr cast bullets under the barrel right in front of the barrel lug, and 10 100gr .243 speer bullets in the butt stock. it helps alot with felt recoil, and its not too much to carry (I know as I carried that rifle for 5 days while Moose hunting, I averaged about 12km on foot cross country every day of the hunt)
I only added 8 124gr bullets to my .223 (there wasn't room for any more) it's still a little front heavy but works well off the bench. I will probably add some weight to the butt stock but I will wait untill I have finished building a load.
Good luck with your SPS Pharaoh 2
Cheers!