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Your only limitation is going to be initial price and then cost of the ammo. Military ammo for the 5.56mm round is dirt cheap and can be shot in rifles chambered for the .223 Rem. cartridge. You can purchase any of the following chambered for .223 Rem.: single shot, bolt action, semi-auto and even an over/under with a shotgun barrel/rifle barrel combo. What ever you select could be equiped with a nice peep sight for not much money. If you like the idea of the .44 mag or the .45 colt in a rifle, Winchester has chambered both in their Model 94 at times. They are faily accurate, but the ammo is very expensive unless you handload. Military .308 Win. (7.62mm) is also fairly cheap but still runs about twice of the 5.56mm rounds. There is a couple of arms importers that are rebarreling various military mausers to .308. They aren't great rifles, but aren't bad either. They usually come with good peep sights. As mentioned before, the British SMLE is a pretty good war surplus rifle if the barrel is OK and the ammo is about the same price as the military 7.62mm.
What ever you select, learn to clean the barrel properly and then keep it clean. Wear hearing protection and eye protection at all times. Learn the use of a sling while shooting. Find a friendly instructor and get some pointers. You will be surprised at how much a correct stance (shooting position), trigger control and sight alignment will do for your accuracy.
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