I've built three, two are industrial and one is for a nice gun room. Take your top piece and drill 1"-1.5" holes with a forstner bit or hole saw (double the width if needed for side by side doubles). Make the holes into slots with a 5-15 deg taper with a table saw, jog saw or band saw, which give various levels of quality. You can also make a router jig to clean up rough cut slots. With the router or table saw jig, you can index each slot off the adjacent slot. use a 1/8" roundover or sandpaper to break the edges. You can cover with felt if desired. For the bottom, I like using rubber sheeting (I ordered 1/8" rubber from Mcmaster.) Otherwise you could use felt with or without strips od wood as dividers. I would not use bare wood (not enough security, at least with no backtilt), unless you have a full depression for the stock to drop in. And that's a pain.
The spacing is where there is no right answer. There is no setting that will handle a M4 with folded stock and a Remington 700. SO I recommend using 2 heights.
I've sold the top pieces before. once you build the jig, it's quick to knock them out. Plywood works best, if you do with solid wood, you loose strength if the bbl slots are too close to each other. I think I would drill dowel pins form behind to avoid a heavy handed impack with a gun knocking off the little block of wood along the grain.