I glass/pillar bedded my wood stocked Remington Model 7 years ago. It is, as Evl stated, a messy pain in the ass. It also solved the problems I was having with that rifle, so in the end it was well worth doing. The factory wood stock was warped and pressing on the barrel, throwing my point of impact off by well over a foot at 100 yards, which caused me to have to crank in a bunch of adjustment at my scope and irons. After the bedding, I was able to take all of that adjustment out because it shoots basically to boresight now. Interestingly, grouping size was not changed either way.
Essentially what I did was follow the instructions in the Acraglas Gel kit, plus I added a couple of pieces of steel tube to serve as pillars for the action screws. You can either glass bed, pillar bed, or both at the same time. I did both at the same time. You end up hogging out stock material around the barrel, action, and recoil lug, and also drilling out the action screw holes oversize to accept whatever you are using for pillars, and then there is some prep work to the action as well. I put a layer of electrical tape over the forward face of the recoil lug to create some clearance for removal and installation, and also around the barrel to create clearance for free float. EVERYTHING metal and that you will want to be able to remove needs to be generously coated in release compound, and everywhere on the stock that you don't want bedding compound will need to be taped off carefully. Then the compound can be applied per the instructions, and the whole thing assembled. Once it has cured, hopefully you'll be able to separate the action from the stock if you have done it correctly. My stock chipped slightly where the action stuck around the safety cutout but it was pretty minor so I applied some finish oil over the damaged spot and left it alone. It's a hunting rifle and subject to getting stock scratches anyway.
Again, you can do either or both, but if you have a wood stock, the advantage of a full length bedding job including the channel will be to stabilize the stock so that it can't shift and impact your accuracy. The main function of the pillars is to allow the action screws to develop and retain their full torque repeatably, which can have an effect on accuracy and zero retention.
But as I said, it's a pain in the ass. I built another Model 7 from a bare action last year, and that time around I just bought a composite stock with a built in aluminum bedding block. It's way more easier and works well, although in theory the glass bedding with pillars can be better since it is a custom fit to your rifle, and the fit of the aluminum bedding block is subject to manufacturing tolerances.
Squeaky, what action are you using?