A .22 is certainly a great gun to have around and a lot of fun to shoot. I was in a similar situation than you a while back - wanted a 7mm rem mag. for moose but thought I would get a .22 first. Ended up doing some research and landed on the CZ 452. Ended up buying about 3 or 4 new .22's until I finally got my 7mm. I shoot the 7mm the odd time but am much more dedicated to my .22 shooting. I also discovered that there is really a lot of potential for travel and international shooting with the rimfire (and air rifle) - In fact I will be going to India in October.
.22lr is the standard caliber now adays and .22 shorts and longs are fading away. You will be quite hard pressed to find any shorts or longs for sale now adays and .22lr is the standard for manufacturing.
Bolt action is certainly a great choice and generallly speaking will give you better accuracy than the other actions.
For hunting 70-80 yards is about all you want to do with the .22lr. This may not sound like a whole lot compared to shooting big game out to 3-400 yards but depending on what you are going to be hunting you should be able to get with in that distance or closer if you shooting game such as grouse, etc. For target shooting some people (such as eagleye on this board) are shooting thier .22's out at 200 yards with good results. It takes an accurate gun for it not to be too frusterating though and a calm day. The effect wind has on it at that distance is fairly substantial.
The brands you should stay away from would depend on how much you are willing to pay. My favorites are CZ and anschutz (along with certain models of other guns such as Win. 52, remington 40X, etc but you are going to be paying top dollar for these).
I would really take a look at the CZ 452 though. Very well made, exceptionally accurate and overall a very good gun. At around $450 they may be a bit more expensive than you were originally willing to pay but In my opinion they are well worth it and will last a long time. If you really don't want to spend that much Savage puts out a couple on the cheaper end that, although in my opinion are not quite as well made, still shoot relatively well and should serve your purposes fine.
Good luck!