Not a problem to free-float your barrel. However many Rugers like a pressure point at the tip of the forearm. I would suggest to free-float it and see how it shoots. If you are not happy, try to put in a pressure point and see how it does then. BTW, my Ruger is totally free-floating in a Bell & Carlson stock, and shooting groups less than .5 @ 100 yards with 130gr Nosler Ballistic Tips. I feel it could shoot better if the nut behind the trigger would do his job!
Also, have you worked on the trigger? That horrible factory trigger is probably the largest culprit for poor groups in a Ruger. If not, a Timney will fix you right up.