The OP wants a lever gun, not a bolt action.
If I could find one in really nice condition, I would buy a 94-22M hands down.
But shooters are hanging on to their 94-22 and 94-22M rifles.
I suppose that an 1894M would be nice if you could find one, with only 12,000 made.
However, I wonder how reliably .22 magnum would function inside an action designed around the .44-40.
Having carefully evaluated the Henry, I would buy the 20" barrel one in .22 magnum.
Probably the octagon barrel Frontier model with walnut stocks, metal barrel bands, and Marbles sights.
Even though the receiver and receiver cover are ZA-5 ZAMAC alloy, it is a quality rifle.
And, interestingly enough, the chamber pressure for .22LR and .22 Magnum is the same at 24,000 PSI. And since the diameter inside the casing near the rim is almost the same for both, bolt thrust is almost the same, so no problems there.
As for accuracy, a 2 inch group at 100 yards with a scope seems fine. If you really need sub-MOA, then you might as well go for a bolt-action .22 center-fire with an expensive Leupold scope and be done with it.
Last edited by saddlegun; 05/13/21.