I have a Tikka T3 in .204 Ruger with a 26" barrel from PVA, and absolutely love it... it's my main prairie dog gun. I really think that 20 cal chamberings are overlooked in favor of 22s, which is a shame, because the 20s really are fantastic for varmint control and plinking.
Regarding MVs, I've found that most factory (204 Ruger) ammo that I've tried has 32 grain projectiles running close to 4k FPS, but 39s/40s are closer to 3750-ish. The good news is that with handloads, pushing the 39s/40s to 3950-4k is entirely possible, as long as you don't use standard CCI small rifle primers (the primer cup gets pierced too easily, and there are no other pressure signs). Converting to CCI small rifle magnum primers solves the issue, though.