I think the last lines sums up a fair bit of what you wrote.
If a gun in a similar style to the M-100 came into Canada, unless it was ruled to be a varient of the M-100, it would be non-restricted. There is nothing about the design or specs of the M-100 to make it restricted. Only the OIC made it prohibited.
The magazine for the M-100 is legal as is already. The magazine for the M-100P however with the sights built into the shell would be restricted to 10 rounds as a pistol magazine.
As for the origional rifle, it was a blast to play with, but desperately needed some improvements.
The lower grip frame was shaped like a L at the rear, and the frame would crack at the corner. The plastic buffer that was supposed to absorb the bolt's impact was quickly beaten to death.
The trigger group was formed from stamped metal and the trigger feel was ugly.
The cocking lever was secured to the bolt with a roll pin that was brittle and prone to shearing. A non captive cocking lever would have been smarter, and could have included a hold open that was sorely missed.
The gun was fun, but I dare say in todays market it could have been made infinately better.