What's a good group ? this is relative term. I shoot around 150 rounds a week at 100 yards and I'd guess that a match rifle in good condition in the right hands should group ten shots to an inch at 100 yards, and I'd include a match 54 in this category. At 200 yards, what the rifle could do and what the shooter could achieve are two different things, I'd guess that a rifle as above could more or less group within 2 inches, but not many shooters could achieve anything like that unless in very still conditions.
Consistency of velocity could throw these figures out by a large amount as a mean velocity which changes by 20 fps could give rise to an extra drop of 1inch at 100 yards (if my calculations are correct), which makes a 1 inch group sound pretty good to me.

Vic T