The No. 1 is a beautiful rifle, but for a falling block design, they tend to leave a lot to be desired in the accuracy department. Not unacceptably inaccurate, but definitely not what a guy would expect from a rifle these days, and definitely not what a guy would expect for a rifle that costs that much. That withstanding, single shots as a whole have their own particular limitations that kinda suck for hunting. I've had a few No 1 and No 3 Rugers, sad I sold them now, LOVED a stainless/laminate 45-70, and never should have gotten rid of a 416Rem Mag I had, but when I get objective about it, I remember why I sold them, and I probably wouldn't ever buy another one now.
Bolt guns in the 204 Ruger are poetic; they're well behaved, bark fire, and deliver lasers. My first 204 was a Savage bolt gun, it wasn't the machine that I needed at the time, but I wasn't without a 204 for very long before I needed to get another one - an AR...
In an AR, the 204Ruger can get real hot real fast, and they need a bit of barrel to get the most out of the cartridge, but if you're interested in a 22" or 24", you can have a LOT of fun with a 204 AR.
Here's my current 204R that I finished up this past winter - it's the complete rifle, the lone upper is a 6.8spc, both are Black Hole Weaponry barrels:
I haven't shot a BHW barrel yet that wouldn't pull under 3/4MOA even with my meager hands putting them together and my terrible eyesight behind the trigger. My wife gets more out of them, she's pulled both of these uppers under 1/2MOA for me.