I don't think it will have any problem with a light barrel. It'll just have more space under the barrel for a guarantee free float. But, just to be on the safe side I would call or email them to find out for sure.
Some of the issues I had, if you want to call them issues, was the stock doesn't come with a trigger guard or bottom metal, and the front action screw was a tad too long.
My original plan was to get the cheap FV HB and run the tactical stock. The FV has a molded trigger guard and cannot be taken off. I ended up getting a BV with the laminated wood stock. That stock come with a removeble plastic trigger guard and bottom metal. Because of my original plan, I had ordered new bottom metal and trigger guard from Stocky Stocks, which are metal (pot metal I think), so I used those instead. As for the action screw I just shimmed it with a few small washers under the bottom metal plate, so it cannot be seen.
If you want to go tactical for the MKII I think this stock is the way to go(much better and cheaper than buying the tr model) However, if you want a more classic look, I have the stock that came off my BV with the trigger guard and bottom metal. It is missing some common wood screws that I used to mount to the Tactical stock, but you can get those anywhere. It has never been fired! I took it off as soon as my brother gave me the rifle for my birthday. $100 for all and we can meet at Kokohead or something to make sure it fits before you buy.

Oh P.S. How does that savage shoot for you? Mine really likes Wolf Match Target, It'll put five through one hole at fifty yards, if I read the wind right, and I don't pull the shot!
Also, are you gonna shoot the rimfire match? Lotta fun and challenge..