I have two Cadets, one in 17 Ackley Bee, and one in .357 Maximum. The Bee is a PITA to get set up for, but, oh my, once you do... The Max, so far, has been a disappointment-but I really haven't started working load development. IMHO, I would stay with a rimmed cartridge. Anything in the .357 head size will work with minimal hassle. Due to the small shank size, I personally will not go much above that head/body size. I also think the .17 Rem is just a bit much for that small action. Overall cartridge length has to be considered, also. The .357 Max is just about all it will take without major modification. To load the Max, I have to initially pull down on the lever, to get that last little bit of room with the block moving down to "make the corner". It does extract just fine.
Sights are a consideration. On the Bee, I have a Ruger #1 quarter rib mounted on the barrel just ahead of the action. With extension rings, this works fine, except it's a PITA to load/unload with the scope in the way. On the Max, I have a Weaver rail mounted in the same position. Right now, it wears a scope for testing, but I'm thinking Red Dot for permanant. I've considered a receiver sight, but with my eyes, I'm not sure I want to do that. The flat side of the Cadet would be a natural for it, however.
I love the little Cadets, and if I can find a suitable RF action, I see a .17HMR in my future... <img src="/ubbthreads/images/graemlins/smile.gif" alt="" />