I have an M44. I love it, but the first time I shot it, it did kick the crap out of my shoulder. My first centerfire rifle was an Australian SMLE (.303 British), and I remember being surprised at the recoil, but the SMLE never actually hurt me. The Mosin-Nagant left a bruise.
It didn't take me long to get used to it, though. Since my first time shooting a Mosin-Nagant, I can count the number of times I've taken my M44s out shooting on one hand, and I've probably only gone through about thirty rounds of 7.62x54R. The recoil is still impressive, but now it's more amusing to me than painful. Plus, having a bolt-action rifle that only holds 5 rounds at a time and kicks the heck out of your shoulder is a great way to keep your ammo costs down!
I love the M44s to death, but like some other folks have mentioned, the M38 could be a better choice. It's basically identical to the M44, but it lacks the side-mounted bayonet. The M44s were sighted in with their bayonets extended. I don't know how much of a difference it really makes, but theoretically, you should shoot with your M44 bayonet extended for maximum accuracy. I've heard it has something to do with the pressure it applies to the barrel, so maybe there's some validity to it. The M38, which was designed with no side-mounted bayonet and no lug to attach a bayonet either, avoids this issue all together.
91/30s, M44s, and M38s are all fairly common, and good specimens of each rifle can be had for well under $100. There are also Finnish Mosin-Nagant rifles out there that may be more accurate, but I've found the quality and accuracy of my former Soviet M44s to be well above my expectations and abilities as a shooter.