I know this thread is slightly "aged," but I like to share my experience with the No. 3 when I can because I think they sometimes are underrated - relegated to the "cute" and "collectible" realm but not that great for real use. The commonly known "fact" that they are not accurate did not hold up with the one that I had in .223. They are wonderful guns and to me they have greater value in use than in hiding in the safe with the other "collectibles."
While I agree that it is a completely different/better-feeling rifle without a scope, being a .223, mine required a scope for where/what I used it - in flat, Northwest Ohio for varmints, where you can see for a long ways and game can see for a long ways as well.
Mine wore a vintage Bushnell fixed six-power with the command post (lever under the windage cap) and it would put three 60 - 63 grain HPs or SPs into three eights of an inch without extended barrel coolingtimes. I used 25 grains of H335 and seated the bullets longer than would fit in any detachable magazine but it was utterly reliable in terms of hitting whatever I put the crosshairs on out to three hundred yards. It was sighted an inch high at a hundred and seemed to shoot flatter than it should have for whatever reason.
I never did any work to the gun at all. I bought it used but it could have been sold to me as new because I couldn't see a mark or sign of wear or use anywhere on the gun. It appeared to be unaltered and there had been no work don to the forearm at all. Box stock as best as I could tell.
The lack of checkering left it rather slippery and I did almost drop it a couple times going into and out of the safe. When consolidating and slimming down, it was a hard choice to move it but it made a Ruger collector very happy. He handed over twice what I paid whithout blinking and that gave me enough for its replacement - a CZ 527 Varmint. The CZ stands in where the No.3 and a couple others once were and it's a great gun but the detachable mag is an abomination. It's a compromise that serves me well but it's certainly not "better" than my humble No.3.