[BoogieMan]

It really depends what range you want to shoot IMO. As others said .22lr will drop considerable at distance. Most guys dont consider a .22lr a bullseye shooter beyond 100yds. Yes you can hit the target at 400yds but your not going to be hitting a 1/2" group. JMO but you may want to set at 50 yds and play with cartridges until you can consistently shoot under 1/2" 5shot groups. You may also want to check out rimfirecentral.com and look at the competitions that those guys are shooting. They always have forum comps going on. Many of those guys are shooting sub 1/4" groups at 50yds. Looks like a clover. I have a old Marlin that I did a little work on. With wolf ammo I can shoot 5/8" groups at 50yds fairly consistent. The skills you learn there can be moved out to any range with the right caliber.
I hope this helps. The guys at rimfire central are almost as helpful and friendly as the guys on firingline.