Depends on what you are doing with the rifle. For targets and plinking the R7 is awesome. Smooth, accurate, easy to shoot and just a great fun rifle - just not very powerful. The R9 has most of the attributes of the R7 but packs a serious punch. Cocking effort and recoil is a bit higher but there is an absolute power difference. If hunting is in your future (especially rabbit size critters) then the R9 .22 cal is the gun you want. I eventually sold my R7 as I did not shoot it enough to justify both - and when I go out I like the extra power of the R9.
Tuning your 34 will run you about $200 if you do it or $300 if you have someone else do it. Put that toward an R9 and be done with it.
FWIW my air gunning started with a Feinwerkbau 124 30 years ago. That one was stolen from my truck. Then I picked up a RWS 460, shot it a while, went to a M34, then the R7, then another M34, then the R9 and am finally satisfied. All those rifles are quite nice but the R9 just has the power, accuracy and quality that makes me smile every time I get it out. I also have a Benjamin something that is about 35 years old that is also a great gun but pumping gets old quickly.
