ASA,
Welcome aboard. The #1s generally shoot pretty well but point of impact can shift as a result of differnet holds on the rifle while shooting. There are some tricks to do like adding a forend hanger adjustment on the rifle which helps quite a bit at times but they can still be prone to POI shifts.
Accuracy generally is not effected much, just where the bullets hit. Some will be slight enough to hardly notice, others will leave you scratching your head as to why the bullet hit where it did.
As a precision rifle builder, I love the Ruger #1 for its looks and as a general big game rifle for hunting out to 400 yards or a bit farther. Certainly there are #1s out there that will shoot WAY past this range but for the money a good bolt rifle will get you far more consistancy on average.
I have a #1 in 458 Lott and love it. She is a little ****y to shoot with a 510 gr pill at 2400 fps but its always fun to shoot and is suprisingly accurate for a big bore with open sights. It will easily hold 1.5" at 100 yards with open sights.
I have always wanted to scope the rifle but it would just take away from the true purpose of this type of rifle, up close and personal with open sights!!
Its a much different beast they you are talking about thought. IF you have the rifle now, best way to find out what it will do is shoot it at longer range and see. YOu may have one that will give you want you want!
Kirby Allen(50)