I have used #1's in cal's from 223 to 458 win over past 35+ years. (6mm, 22/250, 270win, 30-06, 7x57, 338 win, 7mm Rem, 375 H&H, 405 win, 25-06, 416 Rigby..and likely others I have forgotten!) All have performed with excellence using handloads)
I currently have several #1's, including 3 LONG RANGE Hunter versions!
- one started life as a 1S in 338win, has been custom stocked and rechambered to 338/378..26" barrel
- one has been restocked (B&C synthetic) and rebarreled with 30" match grade, fluted stainless, Gaillard barrel..(drives 250 grainers up to 3400fps)
- most recent is a #1 stainless action, laminate stock with 34" , 1/2RD, 1/2 Octagon match grade stainless Krieger barrel, new trigger , #1 accurizer forend setup, custom chamber again in 338/378 Wby configuration....Drives 285gr Barnes TSX @ 3200 Fps.
All developed for the same reasons as noted in other comments on here about a single shot not being handicapped by magazine length for OAL. All 3 rifles shoot very well.
The #1 action is definetly a good platform to develop into a long range 'Hunters' rifle!!!