I have never owned a Ruger #1, but sure would like to have one. I think they are the pinnacle of single shot rifles. There would be no question in my mind that the Ruger is the way to go. You are only talking $125 difference. Most times when I went the cheap route, I kick myself later for not just spending the money up front and get what I want. The only thing that would hold me back is the weight. Like I said, never owned a Ruger #1, but if I recall, they are fairly heavy, so if you were to be a carrying this gun in the mountains, I would opt for the Handi, simply because I think it should be lighter. Chop off 4" on the barrel, would lighten it up some more with plastic stock/fore arm. Of course it is personal choice, it always is, mine would be the Ruger, unless I was going on a hunting trip where I was going to be toting it around a lot, then weight would be King.
Good Luck and Good Shooting