I always have the barrel of my rifles shortened from the original 22 inches or 24 inches down to 21 inches. It makes the rifle amazingly light and quick, without actually turning it into a carbine.
You can also easily trim (cut!) one-half to one inch off of the buttstock without ill effect, particularly in a low kick rifle such as the .257, and particularly since the Ruger No. 1 is notorious for having the scope mounts a little too far forward.
If you can work with the standard weaver bases and weaver rings, they are very light compared to all-steel mounts.
I would think that if you bought one of the skinny, Fargarson-style forends, you could keep shaving that thing down to where it is almost a splinter forend, like the 19th century shotguns.
Of course, get rid of the iron sights, front and rear.
Be careful drilling holes in that buttstock. Don't overdo it, and seal the wood up (inside those holes) immediately!
Regards,
Mannyrock