Hi Eric,
Don't worry very much about the front lock bolt. I would start with a 3/16" web and work slowly. Make the ramrod groove the right depth and even to act as a proper guide for the drill, and then drill slowly. A tapered ramrod, which is usually preferable anyway, likely will solve any issue of the lock bolt entering the ramrod hole. In fact, this may not be kosher, but that happened on several of my guns and the tapered rod rubbing lightly on the bolt helps to add friction keeping the rod in place during shooting.
Eric, there are many ways to skin a cat and many creative ways to meet your objectives or solve problems. There is no single right way to do things in long rifle building. For example, I am building a rifle as a well-deserved gift for a friend who has helped me many times over many years. The gun has a D weight 58 cal. swamped barrel, a big bruiser. I want the gun to be as slim as possible so I am using every trick in my arsenal. One trick, is that the ramrod groove is roughly parallel to the sides of the barrel not to the bore. The web is just a shy over 1/8" at the muzzle and at the wider breech. Because of the rapid taper from the breech, the space between the barrel and ramrod hole by the front lock bolt is almost 3/16" and I will use an 8-32 bolt. My other tricks are to have the stock cover less than half of the side flats of the barrel and about 1/3 of the ramrod thimbles. In addition, I'll use a ramrod groove molding that comes higher up the sides of the stock. All of those features should give the gun a slim and tapered profile despite the big barrel.
dave