Tell me more about what you like about the 38-55.
The 38-55 isn't as powerful a round as the 45-70, but I bought it mainly for target shooting. The Target Model is lighter than the 45-70 Buffalo Classic so it would be easier to shoot offhand. I also think that the barrel is heavier (more metal) and shorter than the BC, and should have a little more accuracy 'potential', but that's pretty subjective.
From what I've read the 38-55 cartridge was specifically designed in the late 1800's for target shooting, but it certainly can perform well as a hunting round too. It seems to me to be a mini 45-70.
I like the hooded front sight on the rifle, but the rear sight, while functional, seems suceptible to improvement to me. NEF offers a Williams rear sight for $60 that would be a good option if you were going to use it for target shooting at any distance beyond 100 yards. I wrestled with the decision on sights for a while and ended up putting a scope on mine....my eyes are clearly aging.
The thing I like best though is the accuracy, best so far is .875 inch 5 shot group at 100 yards and I think it will get better as the rifle gets broke in more. I cast my own bullets and reload them so I'm still experimenting.
Roudy