Lapping the rings is a good idea, and will save a scope from damage thats for sure. The O-Ring works for some, me included with a couple of my Handis, but the RTV bedding works very well too.
Personally I would go out and shoot it and see how it does out of the box. It may suprise you. If not then go through some trouble shooting here in the FAQs and ask around.
-Aaron