Yes, you can take the band off. In fact, I would think that would be better for accuracy. My entire rifle was taken apart and the only thing I used from it was the receiver and the bolt. Almost everything was replaced.
Yes, a new barrel would be just fine if it is the barrel that is causing the problem. I replaced the stock barrel on mine with a Butler Creek carbon fiber barrel that would not shoot very well period, no matter what ammo I used. Replaced it with a Green Mountain barrel and the gun shoots wonderfully now. I should e-bay that Butler Creek barrel.
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The pond, waterfowl, and yellow labs...it don't get any better.
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