I have 2 of the 1895 Cowboys and an 1895 Limited ?, the 26 inch octagon barrel pistol grip model. You COULD shoot it long distance, but it will cost you a lot of yankee dollars. First item is tuning the trigger, etc. Then about $4-to-500 for a Montana Vintage Arms tang with adjustments and features to get the utmost accuracy out of your gun (what I have on my SHILOH SHARPS!) and an appropriate front sight. Then a good mould and components and a lot of range and reloading bench time.
They allow lever actions at the Quigley rifle shoot in Montana on Fathers Day Weekend, if they are singly loaded. You would be doing that with your match level ammo anyhow...the trip through the magazine would not be good for accuracy! The limited rules at Quigley do not allow gas check bullets nor do the NRA sanctioned Black Powder Cartridge Rifle events. That d--- buffalo target at 800 yards is n't very big through a tang site on a Sharps...and the 40 mile per hour cross wind kicked a lot of shooters' butts worse than their rifles in 2007. I'd investigate one of the LYMAN 45 caliber moulds at 400 grains+--possibly into the 500 grain range. And with black powder, you're going to know when this gun goes boom. (I've just about talked myself into loading black powder in one off my Cowboys as I've typed)
I shoot a 13 pound+ 50/90 (BIG 50!!) Shiloh Sharps with over $800 in the sights alone. You can spend some big money in getting set up and find you just can't compete with the guy shooting a Sharps. I think you can, but it will be an uphill battle all the way and suck your wallet dry...if you get carried away. Go over to shilohrifle.com/forums and do some listening about long range and reloading; it will give you headaches at first. These guys bring new meaning to "being anal about loading!"
I compete against myself at Quigley and go mostly for the people and a chance to shoot at 800 yards--in some of the prettiest country God made! That is what shooting is about for me. Go out and have some fun with like minded people you like.
Ed aka Blue Roan aka EDK on other sites