The Brownells action wrench is what I use too. This might help explain how it works. The 700 front action screw hole indexes the action in the wrench head. Then it has a recess milled to hold a parallel side recoil lug. Doesn't work worth a crap for tapered recoil lugs.
Side note. Always remove the sight base plugs screws in the top of the action or you can damage the threads. Also, if you're using a barrel vise and the barrel is so tight it's spinning inside the bushings, use some Rosin. It's fantastic for increasing the gripping and preventing slippage.
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