Interesting photo!
Let me toss these thoughts out there:
It would seem to make sense that the inner band should be at a "natural" NODE.
Thus, the barrel forward of this node would be "free" to vibrate. Having the muzzle tightly constrained by the front of the nosecap would affect the frequency and amplitude of this vibration. What was needed was consistency. Hence, upward pressure from the plunger and the two bearing points in the nosecap, as provided by the additional cutout
A "free-floated" barrel does not just vibrate in the vertical plane. The barrel also STRETCHES, BULGES and TWISTS, albeit to a fairly small degree. Thus the trick was to constrain the modes in which the barrel could vibrate in such a way that any vibration produced consistent results. It didn't matter too much where the muzzle was pointed at the time of bullet departure, a slong as it was more-or-less the same from shot to shot. Without some degree of consistency, grouping would be "interesting" and sight adjustments a complete lottery. As it was, the front sight base on a SMLE has a built-in lateral offset of fifteen thou. before you start fiddling with the blade. The "ears" on the nosecap are similarly offset. This offset is a "gross" compensation for the performance of the rifle/bullet combination in the real world.
Wood has an annoying propensity to take interesting "excursions" as moisture content changes, hence the "system" took considerable pains to get the finished woodwork as stable as possible.
Firstly the wood used for the basic "flitches" that were fed into the profilers, routers etc., was subject to painstaking selection and seasoning, often for many years.
Secondly, it would seem obvious that the rifle had to be tuned to strictly standardised ammo, not the other way around as in "sporting" practice. One million mass produced rifles had to perfrom to spec with ammo produced by the billions.
This doesn't just apply to Lee Enfields. The Swiss went through the same drama with their 1911 model rifles and carbines, introduced the same year that the fabulous GP-11 cartridge arrived. Thus, the "new" Swiss rifles had to work with both "old" and "new" ammo, for decades, perhaps. Like SMLEs for many years, they were "long" throated to accept the older ammo. Interestingly, the K-31 has a short throat (well, at least the ones I have examiined) that is exclusively for GP-11 ammo with its secant-ogive bullet.
Another interesting thing about the Swiss K-11 is that it has a small, adjustable collar around the barrel, inside the fore-end, right near the front. This is apperently both a "bearing" and a a "tuning" device. It appears to be made from "Nickel-Silver" or similar material.
In related trivia, when the Swedes introduced the AG-42 / (B) gas-operated rifle in the early '40s, the rear sight had a reversible range drum: one scale for the old round-nosed bullet and one for "spitzer" projectiles. The two different bullt shapes are clearly marked on the drim assembly. The barrels were throated to accept ALL types of service ammo.