Aesthetically the groove never bothered me but it wouldn't break my heart to see it gone.
...If they'd make a featherweight No. 1 with a slim classic pistol grip stock and trim forend, and lighten up the metal with a slimmer barrel, I bet they'd sell like hotcakes.
+1 on that. I like the Number 1's but the B models always end up at 8 1/2 pounds scoped. Even my recent 1A 7X57 with scope weighed at least 7 1/2 pounds. Not heavy by any means, but a single shot just begs to be a slim little fast handler.
Make something that feels and handles like a Dakota Model 10 or Merkel at the Ruger price and they'd really have something.