Well I got the rifle and I must say that it is a neat little rifle.
The stock wood was not to bad, I removed all of the old oil and dirt, and then I rubbed with 1000 grit paper. Gave it two coats of Tru Oil filler and sealer, rubbing with 1000 grit paper between layers.
Then two coats of Tru Oil finish, rubbing with 0000 steel wool between layers.
Then hand rubbing two layers of straight linseed oil.
It turned out great.
The for arm was in much worse condition, I am rubbing it all the way down to remove dings and marks. Then I have to checker it again.
I must say that I am impressed with the quality of the wood, nice figuring an grain lay out.
As soon as I am finished with the work I am planning on doing some shooting with it.
The steel has somewhat worn bluing, but no rust and the mechanism seems to be in mint condition. Think the rifle has been carried a lot, supposedly it was owned by a gentleman witch used for the reindeer (caribou) hunt. Lot of walking little shooting.

As I mention I am planning on building a big bore on it, 500NE or 505 Gibbs.
I have one question about the barrel thread size. Do anyone now what size thread there is on the No.1?
Do I have to cut new lager threads if I am to barrel it in 500NE or 505 Gibbs?