In the M1903A3 at least, there is not a dimes worth of difference with any bullets. I have fired both two groove and four groove with both lead and jacketed bullets and could never tell any difference between the barrels. In fact, the 2-gooves in general seemed to shoot a bit better.
I can't speak for sure about the 2-groove in the No. 4, but I don't see why the same would not be true.
Jim