Mooseyard,
I have two Time Precision rifles .. one a RF and one a 6PPC. Both are superlative rifles. Art Cocchia (Mr. Time Precision) designed and built the rifles. Art is a very ingenious fellow, and the RF action is unique, and in my book a wonderful action. I do not have the stats on the number of RF actions he built, but all of his rifles were custom guns, hand built, and to your specs. around his action. My RF has a Jewell trigger, Shilen barrel, and a great BR stock.
RE: Rimfire action. There are two points of impact for the firing pin. The firing pin strikes two sides of the cartridge (180 degrees apart). The reason for two impact points is, as Art put it: "positive and consistent ignition." The action is similiar to the Rem. 700 action, and very substancial. The barrel is screwed into the action. Art provided numberous spacers with his guns, so you could adjust the head space as needed. Most of the actions were left port/right bolt for right handers (vice versa for lefties). Loading of shells is an art ... no ramp ... that said, once you use it, you will either love it or hate it. I happen to love it
Personally I have always enjoyed my Time(s) and in fact will never sell them. The RF was always an excellent gun ... way back when it would shoot 250's (mid '90's) when the shooter did his job ... and let's face it, 250's were not all that common at the time. The PPC, I think, is as about as good as light BR centerfires get (5 shot 3/16" groups at 300 yards).
One word of advice: never ever dry file a Time RF .. it will ruin the chamber. For that reason I remove the bolt or leave a spent cartridge in the chamber when it is stored.
BTW: I see Time Precision is still in business, but not sure if the actions are the same today as in the past ... you would have to call and check that out, to make sure we are talking about the same RF action.
Not sure if this answers you questions, but hope it puts some things in perspective. Doug