If you are contemplating target shooting a no4, Criterion are now producing match grade No4 barrels so getting a decent gun and re-barreling would seem "essential" assuming the rules allow it.
As an aside, here in NZthere was a big history of shooting no1 mk3s and no4s so there are a lot of examples about. I own and shoot 2 so far, both no4 mk2s (and a Pattern1914 that was probably used as a target gun). From what I have seen written the no4 mk2 is supposed to be about 1/4moa more accurate than the mk1. However the post ww2 barrels would have been made better than the ww2 ones on average I would think so it could be the accuracy is mostly due to the better made barrel. Now I have read that ParkerHale went into the factory and hand selected barrels for ball burnishing and fitting to its rifles so that suggests my theory might stand up.
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