I have a Ruger No.3 (actually 3 of them, .22 Hornet, .30-40, and .45-70) and love them dearly.
Also have a T/C Contender with a 10" hornet barrel. It's great, too. Can't see a carbine T/C Hornet being less.
A word of warning about reloading the Hornet. The brass is VERY thin. If you aren't extra careful (and chamfer the case mouths well) you will wind up ruining some cases.
One beauty of the Hornet is, after you master the pain in the butt reloading, you can have a reloadable .22LR, .22WMR, or full Hornet, by selecting the right loads. Stick with the 40-45gr bullets for best overall use.
The Hornet can shoot the 55gr stuff, but its lower speeds with heavier bullets means they don't act like explosive varmint bullets, but more like solids, as nearly all the 50gr+ bullets are designed for higher speed.
The real downside to the Hornet is that it is a niche round, and factory ammo is on the high side of spendy.
Also, be aware that early hornets used .223" bores and some bullets for these old guns are still out there. Guns made in the last few decades are all .224" standard bore.
The Hornet was the first commercial varmint round, and still very useful within its limits. Also it just looks so freaking cool, like a miniature 88mm Tiger tank shell!