New Vaqueros do not have the pin on the hammer. It's mounted in the frame, with a transfer bar safety so the firing pin is engaged only when the trigger is depressed. Picture a modern S&W, Ruger or similar Double Action, and you get the idea.
They also don't have 4 clicks. I don't think they have ANY, except for full cock. To load them, you just open the loading gate.
You can get a kit to give them a 1/4 and 1/2 cock, if you're so inclined.
If you want a good competition gun that's more "original", the Cimarron Evil Roy is about $600 from Buffalo Arms.
http://www.buffaloarms.com/ It's ready to go.
My Uberti Cattleman was well under $300 with a matte finish -- I wanted a gun for the dirt and sand of our backcountry, not a showpiece -- but it felt like crap. $20 for a set of Wolff Springs and it feels like a dream. Light, smooth pull, easy, quick cocking. Never gave it the CAS beating, though, so I can't say how the action would stand up to a lot of destruction.
Otherwise, the Ruger is probably your best bet for a competition-ready gun out of the box, even if it's a bit "modern" under the hood. Note that most CAS competitors take their gun to a 'smith before they ever take it to the range. Rugers can stand up to CAS pretty well out of the box, so you save a lot of cash.