I have a Ruger #1A in 7x57. It came from the factory with very nice wood on it. It is a beautiful rifle, its balance and handling is akin to that of a quality double barreled shotgun, and it is an absolute joy to carry afield. However, it shoots patterns instead of groups @ 100 yards.
Because of that, I don't have enough faith in it to take it hunting. I haven't tried any of the accurizing tricks on it yet, so I am far from being willing to give up on it. I am confident that I will be able to get it to at least shoot inside 2" @ 100 yards after I tinker with it a bit. If I can at least get it to perform at that level, I would consider it to be good to about 300 yards and would not hesitate to take it afield for hunting at normal ranges.
The Ruger #1 is, IMO, a truly elegant rifle. While it may be a less than ideal long range rifle, it is still a fine rifle and deserving of some love. If you are lucky enough to have one that shoots well enough to be used confidently at 600 or 1000 yards, you have a rifle to be treasured.