Sorry i didnt read everything above so if i'm repeating anything forgive me, in a hurry tonight. Best thing i'd do is to first get a bottle of zinsser magic strip with the citrus action. It is environmentally friendly and can be used indoors. i just used it to completely strip an ar15 that someone went crazy on with a can of spray paint. It worked beautifully and the gun came out looking pretty much like new. I did it in the house and never heard one word of grief from the kids or the wife.

You need to strip it down to raw wood so it can thoroughly dry out. If there are any wood supply companies close who operate a kiln you might get lucky and have it kiln dried. Another way is to just place it in cardboard box filled with raw rice for a few days, then place it in the oven at a fairly low temp for 12-24 hours but watch for it to start blackening if your temp is too high or you leave in too long. blackening wont hurt it so long as you dont let it actually start to char and/or burn.
After this you need a router and proper bit and jig set up to open up the mag well opening back to normal size, and also the trigger guard. Anywhere the wood surrounds metal parts is going to be tight and this has to be done so they fit back normally. even though they're tight and you might "think" they fit and are ok, but in the future the wood will absorb more moisture somehow even if refinished. This will lead to cracking and splitting in the tight spots, trust me. uhhmm a lot of "creative sanding" that might just be futile. you'll likely end up losing checkering and overall appearance/contour. if you can live with swollen butt a new pad could easily be fit to the larger diameter but you'll need to deal with the barrel/reciever channel and really that would be best "bedded" somehow.
Before the economy went south i was a cabinet maker for 18 years. I've re finished a lot of antiques at my families' antique shop as well as my own personal stuff and guns alike. honestly, even though it can be done, i'd just toss that stock and start looking for a new or used one that suits you. Unless it was dad's gun and it really means a lot to try and save it or something. In that case, the best of luck to ya friend. Let us know how it turns out. I'd be happy to see the results.
Thieves are just great aint they? :/