Welcome Dave,
I have 3, hmm 4 rifles with the laminated thumbholes. Love the feel and look, especially for target shooting. Probably not the best choice for a carry rifle, they do add some weight compared to the synthetic stocks. If your gonna shoot open sights the straight grip wood stocks are preferred I think. I don't have but one of them in the 45 colt classic. Scope all of mine.
The ultra rifle's main difference is that it generally has a 24" barrel, whereas handi rifles are 22". All stocks are interchangeable.
Bobby