I think Ruger No.1's are great and I also think they get a bad rap. No one thinks anything of buying a bolt action then floating the barrel and glass/pillar bedding the action before they are critical of it's accuracy. A No.1 is the same way; you just have to use different tricks.

I wouldn't worry for a second about all this work you're expecting to do. Make sure there's a small gap behind the quarter rib and go shooting. If it's not accurate enough, take the forend off to see if floating the barrel is a good option. Then try a little pressure point under the hangar. You still haven't spent a dime (except for cartridges) and if you're still not happy with the results, look into the accurizing kits.

Accuracy is always going to vary between rifles. The last No.1 I had printed 2.5" at 300yds out of the box...and it even had a barrel band and forend contact. [8D]