While restoring old vehicles I've dabbled with casting things like unobtainable lenses for old car lights and replacement sections for bakelite encased steering wheels. From that I learned it's a fiddly process and definitely not cheap if you want a solid and robust result with good finish. There are more casting materials than you can shake a stick at and they have properties that make them more or less suitable for particular applications.
Having looked at pictures of the forend I think you'd need to build a minimum 2 part mould, maybe even 3, with stepped tubular inserts for the mag and possible barrel channel too. That's certainly doable but not the easiest thing to start with.
If you do decide to go ahead with a monolithic cast I'd suggest speaking to the tech guys at AMT Composites (011 392 4232) for some advice on your application. They'd be able to suggest an appropriate casting material and reinforcing admixture/s. Given that it would be quite a complex mold with inserts and so forth getting their input on appropriate release agent/s would be a good idea too.
Having got through that shpiel I would definitely go with fibreglass reinforcing the existing wooden stock internally. Process would be pretty much the same as epoxy bedding a rifle stock, i.e. you'd relieve the wood a couple of mm, degrease the hell out of it and then apply epoxy and glass and clamp the lot to the heavily release agent coated and polished action. I'd do it in two or three steps to ensure that I didn't lock it up on the complex shapes and I would not go into the enclosed section of the mag tube.
Good luck with the project and let us know how you get on.