I got to handle/shoot an M77 Mark II (stainless synthetic, don't know the exact model) once. Its a nice gun. Felt like it might have a decent balance. This one in particular had a bipod on it so it was hard to really tell. Trigger was fairly good. Bolt worked pretty smooth. You could definitely do a lot worse.
The one I shot was chambered in .223 remington. For here in ohio where deer hunting is shotgun/muzzle loader only, I would go with the .223. Only about 8" of drop out at 300 yards, so you're good for any shot on varmints that might present itself around here, accurate and fairly cheap at about $12/40 rounds.
If I was in an area that offered big game hunting with rifles, or had a range where I could routinely shoot long distance I'd probably go for something more along the lines of a .243. Good compromise, because you can shoot lightweight bullets and smack varmints, or load up heavier and take deer.
Ruger makes very reliable guns, and I've never had a complaint about any of them I've handled. I've also never bought one, because everytime I set out to I found something I liked better at a better price. YMMV. I'd probably go for a Savage if I was in the market for a centerfire bolt action rifle right now.