I apologize for resurrecting this thread, but I have some useful information to add.
I ordered a Cooper Arms M21 MTV in .204 Ruger back in early December, and picked it up about a week ago. My dad and I ordered the same rifle at the same time, and got consecutive serial numbers. I ended up paying for his rifle, as a nice gift for him. These rifles have 24-inch stainless steel varmint barrels with a 1 in 12-inch twist.
Anyway, my dad tried both factory loads, 32gr and 40gr. He found that his rifle preferred the 32gr over 40gr bullet, at least for these two factory loads. His 40gr groups were usually over an inch, but the 32gr ones were close to a half inch.
I mounted the scope on mine over the weekend, and shot it for the first time last night. I put 10 rounds of 40gr and five rounds of 32gr through it, cleaning between rounds. The first two 40gr rounds were shot at 50 yards to get on paper. After a careful scope adjustment, I shot at 100 yards. I shot two four-round groups with the 40gr load, and they measured 1.35" and 1.65". All flyers -- two in the first group and one in the second group -- were vertical. The second four-shot group would have been exactly a half inch without the flyer. The five-round group shot with the 32gr load measured 0.63 inches (5/8"), and if the flyer (top hole) were to be discounted it would have measured 3/8". I am attaching a scan of its target.
The recoil felt like .223. I have a Cooper in .223 with the same action. Although my dad told me that the report seemed quiter than .223, "larryw" (who was at the range) thought otherwise.
Then again, my dad's hearing sucks.