I have both a 550-1 and a 552. I have a 4x leupold on the 552 and shoot the 550 with open sights. They are usually accurate and reliable rifles. Biggest problem with them is that people overlubricate them, they should be operated almost dry. I shoot cci mini mags because it's the cleanest ammo I know of. I spray the action out every so often with a spray solvent that leaves a dry lubricating film when it dries, but I don't use any oil on the action at all. You'll find some people that use oil but usually very sparingly.
It might be a good idea to take it and have it cleaned and inspected, but it ought to be an excellent rifle. One of the features of the rifle is that it will shoot shorts, longs, and long rifles, even mixed together. Back then shorts and longs were cheaper so this was a real advantage. Not so much anymore since shorts and longs are as much or more than lr's.
I got my 550 earlier this year. It was sitting on the floor behind the counter at a local gun shop. It had been returned because it wouldn't chamber a round. Looking through the bore with a bore scope you couldn't see anything so I thought maybe the chamber was peened from dryfiring. Wood and metal are in great shape. Anyway the guy just wanted it gone so for $50 it was mine.
It turns out that it wasn't a peened chamber. There was a case stuck in the chamber. You couldn't see it with the bore scope we used at the shop because the back of the case was blown out!
It looked like stainless steel 22 short case, never saw one like it. Anyhow that took care of it and I ended up with a pretty cherry, undrilled 550-1 for $50.
Let us know how yours turns out.
