Actually, no matter how accurate a Ruger could be, it is not allowed at BPCR matches, due to it's enclosed hammer design. That is more the reason for it's lack of presence.
However it is legal for ASSRA and ISSRA Schuetzen matches, and many are present there, so accuracy can be adequate. The key to Ruger accuracy is to drill and tap the hanger for a set screw. Usually a 1/4-20 or 10-32 is used. The screw provides tension against the barrel, and can be tightened until the accuracy is equal to anything out there. Ruger barrels are more than adequate, but as you mentioned the design needs help. I've done this mod to a number of Rugers, and it has never failed to work.
Now to clarify my position. I'm not a big Ruger fan, but I do own one Ruger #1, and it is a fine shooting rifle. I personally would go for the 1885, just because it is more versatile, and I like the looks of the High Wall style action.