I did the CMP route back in 2013 and got myself a pretty M1 for $500. I bought the 'rack grade' and it is in PRISTINE condition. It is a 1954 and I guess it sat in a box because the wood is brand new and no barrel ware.
It isnt that big of a hassle. You have to prove you are a US citizen (copy of birth cert.), prove you are an active shooter (a concealed carry permit counts, tournament/competition results, and a few other options I cant remember), and be part of the shooter community (Their website has a list by state of accepted clubs/organizations. I found a local NRA style subscription club ($29.99 for a year) that was on the list and joined. I was able to use the receipt email as my proof and did not have to wait for my club card to arrive in snail mail. You have to notarize the form than mail it all in with a $500 check. A month-ish or so later (their wait times vary) Fedex with come to your door with a rifle (signature required of course). I could not be any happier with mine and definitely recommend it if you are interested. I saw a trashed one at a local Cableas they were selling for $1500. It is worth the 'hassle'.