I'll agree that the #3 as Mfg as a "snubbie" carbine was an odd move to say the least.  very poorly designed stock for starters and the 45-70 in a carbine was a really bad marketing choice and a stout load in 30-40 would have been a handful--considering the stock design. Not sure the accuracy potential of those early models was up to the 223/22hornet with out considerable tuning work.
  But then BillR loved the old classic Brit singles shots as per the #1 and I doubt that he was seriously interested in the #3.   With a proper length weight and length barrel and #1 style or better wood, a #3 offers customizing options, because of its Stevens/Winchester etc style lever, that cannot be done nearly as well or as easily as with a #1. 
  I firmly believe that bringing back the #3 action in a non-carbine rendition would really bump up their singles shot sales. 
Especially if they added a skeletonized lightened Zika-style hammer, updated springs, and brought back the original adjustable trigger hammer form the 1st gen #1's.  A factory installed adjustable barrel bedding screw added to the hanger would also be a good addition.

Oh for Pete's sake, don't tell me that!  I've still got this trapdoor project to get off the ground and then I have to figure out what to do about my Krag.  The last thing I need to do now is go hunting for a nice #3.   

I had a #3 in 45-70; it's now in .375Win.  Good move.

If you do a 32-40 you MIGHT like the #1 stock much better.  (I have another .375W #3 with scheutzen stock - whole different animal.)

my #3 is 30-40 Krag and has #1 wood which is an exact fit. it changed the whole complexion of the gun and is a pleasure to shoot. I have #1s in 25-06,6mm,and 30-06 which are stock as from the factory. I have one converted to 32 miller short by Verl Sigman and another in 32-40 with a  Bo Clerke barrel. Kepplinger triggers on all of them. Can you guess I like the #1??
I keep the forend tight and that seems to work just fine. the Miller is shot off of a sled