That Ruger #3 in .22 Hornet is a choice collector's item if in excellent condition. I saw one recently for $700 NIB. They are not common, plus the demand on the West coast is greater than in other parts of the country. Your quoted price of $495 is probably a good one if in 90% or better condition.
As for accuracy, the #3 is potentially as accurate as the ruger #1, providing the barrel is good and the bedding properly done. The trigger may or may not be acceptable, but proper tuning is a job for a qualified gunsmith.
How accurate is the Ruger #3? A few years ago, the winner of the Canadian BPCR National trophy won using a factory #3 .45-70 fitted with competition rear and front sights. How's that?
Some gunsmiths recommend doing away with the barrel band and free floating the barrel for accuracy. The ones I've seen and shot were capable of 1" to 1 1/2" groups at 100 yards without too much trouble.