You can probably upgrade a 1022 to shoot as good as an Anschultz 1712 (top end of the Hunter Class), but to get there you'll spend about $1100.00, not far from the price of a good used 1712. At that point you'll have a gun that can only be shot in Standard Class. The 452 Varmint hits the same weight as the 1712, shoots pretty close and costs $450.00 - 500.00 (probably will need a trigger upgrade $15.00 - 60.00) and can be shot in both Hunter and Standard.
That being said, building the 1022 is also fun