I'm a big fan of the SKS, and love them for what the SKS is; very inexpensive to aquire and shoot; extremely reliable and easy to maintain; and very fun and accurate at the range it was intended for, (couple hundred yards) Heck, everybody should be issued one at birth.
That being said, I'd love to get a M-1, especially if it is known to be a good one. Since I know little about them, I'd try to find help with the purchase, and would probably spend a little more to get a peach if possible.
The two rifles aren't really in the same league as far as collectability or preformance, so I'd think realistically about what kind of shooting you're most likely to do. Pop cans and jackrabbits at a hundred yards, I'd take SKS. Big bullseye targets at the range, the m-1 hands down. jd
"We're all dummies, just in different ways." Old Okie Philosopher