The thing about the hornet is it really calls for a svelte action. As fine as the Ruger #1 is, it's a large action and IMHO is just overkill for the little hornet.
Some other options to consider is the CPA action, a modern stevens 44 1/2 and for $1100 for a new action not unreasonable.
The E Arthur Brown 97
(not personally a fan of the aesthetics)
Hagn mini action
Not cheap, but for a once in a lifetime rifle might be worth it.