General Lee, I think that you will be ok. Let the bedding sit up for a while and cure completely. Drill the holes out with a 5/16 bit from the top, not the bottom. If you drill out from the bottom, it may take a chunk of bedding out as the drill bit breaks through.
One common mistake is to not use enough bedding, you want the bedding squirting out everywhere, just remove the excess with Q tips. I only use one end of the Q tip as when you use both ends, the chances of you getting bedding material on your fingers go up exponentially, and it gets on the stock.
Good advice from JAY on prep. Rough up all areas, and I would advise you to use Starting fluid or Brake Cleaner as a degreaser on the bedding area.
MAKE SURE the bottom of the recoil lug floats, and clearance between the bottom of the lug, and bedding, this is very important.
Lines on the edges of the stock will be very clean when you use Q tips to remove the excess bedding material that is oozing out. You can also use a toothpick to cut a clean line at a 45* angle that will cut the curing bedding material out below the top of the stock line.
Remember when you are done, put the action back in the stock, always do the test where you force your index finger under the barrel at the end of the forearm tip, loosen and tighten the front guard screw. If you feel any movement, skim coat bed the action once more.