A lot of folks think that the 220 swift is the topline of the 22 centerfires, lots of cartridges made up to top it, but the old round holds its own. The only update I might mention to the existing is to set back and ream to the 220 A.I. which gives no real more speed but the brass has some attributes if you reload.
You did not say if standard or varmint weight barrel, but to most that is a moot point. Rebarreling is one avenue to consider, as a No.1 action supports whatever, only the ejector varies and is a 10 buck part. The rebarreling gives you a premium barrel, but at the added expense of a blank and the extra timing of ejector slot/scope bases on the barrel that means more time in the machines, hence more cost to do than say a typical bolt gun. Modifications to forends bothers me not if needed.
If you take the No.1 in to a gunshop for trade, do not be surprised at the offering, it will not be much. Probably less than than an bare action offered on Gunbroker. The rifle does have a lot of flexiblities as to caliber and configurations with the basic action, I rebarrel every No.1 that I buy, but just one of those personal choices you know; just to get the premium barrel in the rifle makeup.
I suspect there are a lot of shooting years left, plenty of time to enjoy new rifles.