A true free float on a 7400 is impossible. The barrel is attached at the swivel bolt you mentioned. You can try removing some of the wood but I am not sure if it will help. I don't think the wood is attached to the action or barrel directly and it floats over the piston/gas tube that it covers. The best recommendation I have is torque the screw on the forend swivel to the manufacturer spec every time you clean it.
You can't fix stupid....however ignorance can be cured through education!