Flat,
I have the Ruger Compact. It has been retrofitted with the XO aperture rear sight and their post front sight. I stayed away from a telescope, because as you can see by my username, I am a devotee of the scout cocept. Mine with sling but unloaded weighs 7 lbs, and is a joy. Adding a telescope would add another 1 lb to the weight of the rifle taking it over scout weight by 1 lb.
Mine has also been retrofitted with a Timney trigger which breaks at 2 lbs 8 oz (angelic). My load, in 308, of 42gr of 3031 behind the Nosler Partion 165 gr bullet. With the use of fast burning powders like 3031, you should only lose about 20 fps in velocity. By extrapolation, I think I am getting just under 2600 fps with this load.
As far as recoil, it is like sex, it's about 85% mental. In my case I don't notice it. But, I donot shoot long strings. If you shoot short strings you ought to be ok.
As an aside, there is a lot of military ammo availalable, cheep, so that you can get in a lot of low cost practice.
My
$.02.
SK