Lugnut,
I (well the kids... though I probably shot it the most) had a Savage Rascal and I benched it. They are as accurate as most low cost bolt-actions, eg. Savage, Marlin, (older) Remingtons, etc. As an adult, I found that the biggest limiting factors were the tiny size of the rifle and the very lightweight of the rifle (for shooting offhand).
If it fits him the size issue I had will not matter. The lightweight again depends on him, it might just be the perfect weight for him.
The trigger needed adjustment (I do not recall whether or not I just adjusted it or modified it).
The best scope for these tiny rifles is the very short and small (and of course discontinued) Simmon's... I believe it was called the Mini-Mag(?), which was a 4X. If unable to locate one of these, I would look at the Weaver 4X rimfire scope or the Leupold 4X rimfire scope. Had all three, the Weaver can be had for around $100+ new, check to see what 'Natchez Shooters Supplies' is asking for them. The Weaver is a quality scope and is made in Japan. You may be able to find the Simmons on e-bay, which is where I got my last one.
There are several rifles that might be more competitive (though they may not fit your boy), but learning the basics and practice is the most important at this stage.
Good on you for getting your boy out and shooting,
Jerry