Mine doesn't feel plastic at all. Mine has a shiny almost glossy finish on it and doesn't attract a magnet. I can take a picture later if you would like to compare.
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Attached pic of ax bipod , have one here and it seems good for the money. Fairly solid feature set.
Please pardon my ignorance, what is a "covered action"?
You really should try the Atlas, even if it's the Atlas with the AI spigot mount. It's 100% a better bipod than the AI. The legs won't fold back unless you want them to, they have better feet, and it cants and pans just like the AI bipod, it actually pans a bit further than the AI bipod. The legs also lock at 45 degrees forward or back which comes in handy sometimes. I've never needed to quickly detach a bipod on any rifle before, I've taken them off but I've never needed to do it quickly. The Atlas spigot mount will detach just as quickly and easily as your AI bipod though and the Atlas picatinny attachment with the ADM QD mount also releases just as fast. I bought mine with the ADM mount so I could move it to another rifle if I wanted without using tools.
As far as the weight, AI may be able to knock a little bit off of the AW and AX but it's not going to be 3-4lbs, there is no way. The chassis is what it is, there is really no place on it to save weight and not weaken the design. The weight saving areas would be the barrel and action. The action could be lightened up a bit but not much to justify it IMO. The barrel would be the easiest place to save weight, especially yours being 26". You could knock at least a pound off of that between shortening it and contouring it. It's going to come at a cost of balance, velocity, and the barrel heating faster. Personally I hunt with my precision rifles and carry them in the field all day and the weight has never bothered me even on my AE 24" with a S&B 5-25 and a 32oz suppressor that weighed 20lbs total.