OK. After the topic I started over on subguns.com on this subject has gone on a few days I have a little more to report back. First, while I didn't get any pictures of a Ranch Hand converted to a SBR I did get a couple posters who have the form 1 pending. One for a centerfire and another who is doing a Henry 22. Both are awaiting aproval and hopefully will post pics when they get their stamps. I also got a link to one on the AAC blog that has a 44 Ranch Hand threaded with a silencer, but no stock. The blog does say that the stamp and stock is coming up next.
There was also some discussion of what makes a SBR by legal definition (which should not be confused with common sense) anyway, the consensus being that a slip on butt pad does make the weapon meant to be shouldered. That means that a slip on or any butt plate is a no-no without the stamp. Once one has the stamp, I myslef wouldn't waste the stamp on a slip on pad. I'd put the nicest walnut stock I could find on there.
The more I think about it, the more sense something like this makes as a starting place for a SBR. IMO, you lose a lot by cutting a centerfire rifle down to a shorty. For example, a 10" .223 isn't anywhere near as powerful as a 16" 223. You give up a lot of power in the trade. Now a magnum handgun cartridge is doing better out of a 10" or 12" barrel than is does from a 'normal' handgun. Myself, I've long been meaning to file a form 1 (have the paper unfilled in the next room) for a TC Contender. That way I could try as many rounds as I want. My thinking being that a 357mag would probably be the happy medium.
As they come from the factory, I think the Mare's Leg isn't practical and is fine for somebody who wants it for fun. Now add a couple hundred bucks and get the stamp and I think you could have a truly capable compact rifle. SBRs are a bit too legally encumbered for most of us, but they are something one can legally own in this country if it's what you want to do. For me, it's too much to spend to shave 4" off of what you get from a 16" carbine. $50 an inch saved isn't for me but I don't sling any mud at anybody doing what they see ft with theirs.