Manny;
Both will work depending on the gun and it's barrel. The majority of the time free floating the barrel will help the accuracy with a good receiver glass bedding. I have had more rifles increase accuracy with free floating the barrel. But! I have seen a couple rifles that had to have a forend bedding pressure point in order to shoot tight groups, and free floating did not help or made it worse.
I will free float first, if no improvement, then I will add a forend pressure point with about 8 pounds of pressure to see if that will increase accuracy. I would say that about 15 out of 16 rifles will work best with free floating, and number 16 will need a pressure point.
Another point to remember, if you add a pressure point to a wood stock, accuracy can go to Hades if the forearm warps due to moisture getting into the forearm channel. If you use a wood stock, it is very important to fully seal the stock to prevent moisture soaking into the wood and causing the stock to warp a few thousands.
RELH