Insanity Required: No, it does not.
Peep sight and picatinny rail are disallowed(SASS rules specify that firearms must conform to pre-1900 configuration). At least in external appearance. You might get away with this at a casual club level match. Though many clubs do enforce SASS rules at the club level, too. But not a chance, at any SASS sanctioned match.
Even without those, attempting to work that overly-large lever loop at speed(Cowboy Action being very much a speed oriented sport), would be awkward, at the very least. There is way too much distance for the hand to travel inside the loop. The result: Little to no control, with the hand constantly slipping out of the loop during cycling. The experience would frustrate and turn your wife off the sport, in no time.
The large loops are useful in a hunting rifle, especially when wearing gloves. But not for competitive purposes.
The standard Rossi M-92, whether in short rifle, or carbine version, is perfectly suitable for the sport. One of these would make a better choice for your wife. Especially, chambered for .357 Magnum. A versatile competition rifle, which also handles .38 Special.
Solid wood stock and fore end. Front and rear sights consistent with period rifles. Small(narrow) lever loop. 20" barreled version is light and nimble. 10-shot magazine capacity. Stainless steel is okay....as it resembles nickle plating, which was a common feature on old west firearms. Many shooters prefer a lace-on leather cover over the steel butt plate. As it is more authentic. But, rubber recoil pads are allowed.
As your wife's experience grows, she may wish to move on to an Uberti or Miroku-Winchester 1866 or 1873 Winchester rifle, which lead the sport for competitive use. But for now, the Rossi makes a good platform to learn on.
Hope this helps.
Al
ps: I recommend going to the SASS website, and looking through the current rules regarding firearms etc. This will be very helpful in making good choices.
By the way, some of the sport's top shooters are women.
