A muzzle break on a bolt action. Hmmm. For hunting. Looks like a solution looking for a problem - not to mention, hunting with a silencer is illegal in many states.
It may however reduce the sound signature further than without it. THAT would be ticket - not necessarily the reduction in muzzle rise. Any time one slows down the expanding gas or cools it down - reduction in noise will be achieved. Of course, the penalty here is a longer can. As always - no free lunch in physics.