The RCAHMS site says there are seven stones lying here, the longest being 1.5m. So it seems reasonable that this is the place for this tradition - maybe even the putting stone's still here? But someone needs to re-erect the stones if they're going to get all macho.
About two miles south-west of the village of Blackford, on the Sheriff-muir road, and near to the farm-house of Easter-Biggs, is an arch of stones, seven in number, called the "Seven Stanes," varying from perhaps a ton to two tons each. One of these is of a round prismatical shape, and stands in an erect position. Beside these lies a large bullet of stone, called "Wallace's Puttin' Stane," and he is accounted a strong man who can lift it in his arms to the top of the standing one, which is about four feet high, -- and a very strong man who is able to toss it over without coming in contact with the upright one.
At one time few were to be found of such muscular strength as to accomplish this -- not so much from the actual weight of the stone itself, as from the difficulty of retaining hold of it, it being very smooth and circular. This difficulty, however, was obviated about seventy years ago, by the barbarous hand of a mason, to enable himself to perform the feat, since which time a person of ordinary strength can easily lift it.
... The "Seven Stanes" [..] tradition informs us, are intended to commemorate a glorious victory obtained by an army of Scottish patriots under Wallace over an English army 10,000 strong, who were taken by surprise and cut to pieces. Wallace, who was not less remarkable for the celerity of his movements than the strength of his arm, determined not only to intercept it, but formed, at the same time, the most daring plan of cutting off their retreat, as if already assured of victory. For this purpose he divided his brave followers into three divisions; one of which he dispatched in the night to the "Seven Stanes" - another was stationed at the Blackhill of Pendreigh, to fall upon the rear - and Wallace himself, with his division, lay on the Muir of Whiteheadston.
So you get three stone legends for the price of one - for here, for the White Stone and for the 'Great Stane of Pendreigh'.
From 'Dunblane traditions' by John Monteath (1887).