Well, the Cooeys usually headspace on the rim, if it is out, it is usually out on the: "sloppy side." On the Cooey single shots & repeater .22s, the rim rests on the face of the breech end of the barrel.
The bolt head is counterbored to accomodate the full thickness of the rim, which is around plus or minus .040" if I am not mistaken.
Headspace is a bit different for bottle-necked and rimless rounds.
If the headspace is sloppy, it can cause problems.
such as:
vertical stringing of groups
light primer strikes.