"Is there a "good cheap" bolt .22 rifle?"

No. No GOOD rifle is "cheap". Particularly not one that will shoot 0.5" groups at 50 yards! But you might be able to pick up such a rifle USED off of one of the auction sites. One real "sleeper" I've found is the Mossberg target rifle. They ARE accurate!

I revise my answer: IF you conbsider a CZ cheap, then YES, if you are willing to pay that much, you CAN find an accurate one!

Schultz & Larsen rifles are superb!