Well, first off the Savage No4 isn't a SMLE.
As far as accuracy goes, that depends on how close the bore diameter is to median spec.
I have a No4 with a two groove bbl, Longbranch, that shoots select handloads consistently under two inches at 100 yards.
If your rifle's bore is close to median spec and you develop a handload, utilizing neck sized only cases, fireformed in that rifle, it may even shoot better than mine.
I've shot a lot of game with a sporterized No5 JC which shoots 2.5 - 3MOA. All shots were under 100 yds.
The most accurate LE I've shot was a sporterized No4 owned by a friend. It was a MOA shooter with handloads, even with an atrocious trigger pull. I corrected the trigger pull, but my friend wanted back the way it was.
Military tests showed that there was no practical difference in accuracy between a 2 groove and 5 groove barrel. Same with the 2 groove vs 4 groove in the M1903 Springfield.