Iowahunter, I bought my first 1886 EL three yrs ago, mostly to take the weight off my 1915 vintage original. It is a truly well made gun and a delight to shoot. In fact, it so impressed me that 2 more have been added to the safe. I intend to use them for future conversion to 50 EX and .45-90 WCF.
The first thing I did was to add a Lyman receiver sight, remove the factory semi-buckhorn and use a filler block to cover the slot. The gun is now a deadly accurate little beast. I haven't added a recoil pad, but intend to, one of these days.
The more you shoot your '86, the fonder you will become of it.