so will a number 1 butt stock simply bolt up to a no 3 action
Yes, but it's very awkward and not very aesthetically pleasing. Here's what I did on a 32-30 with a #3 action and #1 stocks. It works just like a Sharps lever without the tail on the back.You could also weld the cut piece onto the lever at about 4 o'clock for a more custom look with a more traditional "opening point" (as in the second picture)