If there is 1/16" wiggle room, I would still temporarily fix the lug to the action before glueing the lug into the stock, that way you can be sure that the lug is truly square with the action lug slot. That would likely require making the slot in the stock a little bigger to make sure you can get the lug in there when attached to the action without knocking it off the action.
Unless, there is some way of just glueing the lug in the stock and ensuring it's square with the action slot. I don't know what that would be if there is a itway