I have an early M48 set up with a scope and it is one nice field gun! Like most rimfires they are ammo sensitive, but with the Winchester 22 Mag (both JHP and FMJ) it will deliver around 1.5-2" groups at 50 yds. Some ammo brands will not hit a lard bucket at that distance, however. Just the nature of a 22 rimfire, even a Mag. Some types of 22 Mag ammo may also lead to some impressive leading -- considering the shallow rifling of a 22 anyway, this may be an issue when checking the barrel.
One thing to look for during check out is to make sure no one has dry fired the crap out of it. If they have, you will notice peening at the top of the charge hole recesses, which may lead to both unreliable ignition and poor accuracy due to inconsistent ignition when you do get fire. The firing pin face may also be slightly flattened or misshapen if excessive dry firing has occurred. Other than that and the usual wear and tear, they do not suffer a lot of firing stress. Unless someone has abused it by "Barney Fife-ing" the cylinder, it should not be "loose" from normal use.
One more thing I find to be true about them -- do not be suprised after firing 4 or 5 cylinders full that extraction becomes suprisingly difficult for such a small cartridge! I don't know why, but a lot of them seem to do it. Some folks polish the charge holes, but then you risk enlarging the throats and screwing up any accuracy you may have had.