I'm considering re-barreling a #1 and am curious of any gunsmiths who come highly recommended for Ruger work. It will be a 22 Hornet re-barreled to 17 Hornet.
I would go with Pac-Nor.They do Ruger 1's. I have one of their barrels on a Rem. 700.They did all the barreling work in house in about eight weeks.I'm pleased with it. http://pac-nor.com/services/
If your Number 1 is a A model I would sell it before re-barrelling as they are few and far between and command a premium price. If a B model then carry on, you will probably get a good price on the 22 Hornet take-off barrel if you decide to sell it later.
I believe even the "B" model in .22 Hornet commands a higher than normal price. There wasn't too many of those made. I have the "B" version and several friends keep upping their offers for that rifle. If it were mine, the OP's Hornet if in decent shape would be left alone. All I can say is mine is very accurate and Jack Rabbits die. Even nail a coyote now and then. Paul B.