As far as the rifle action goes, the 1500 is the best overall factory action of any design in the world at the moment.
I know a lot of guys are going to laugh but, they are simple, well made, smooth & cycle flawlessly every time. As long as I don't short stroke the bolt, my Howa absolutely never fails to cycle properly in demanding field conditions. For a hunting rifle, the 1500 is perfectly adequate & most guys wouldn't notice any issues. The one short coming of the Howa is or can be the factory hammer forged barrel. Hammer forged barrels give excellent durability but they just don't seem to do as well as buttoned or cut rifled barrels when tightest repeatability is wanted. Although they usually perform perfectly adequately for the most part, they normally aren't the fabled 1/2 MOA that guys believe is something all rifles can & should be straight off the gun store shelf.
As with most factory rifles, if you're chasing the best accuracy, you generally find the greatest gains if the factory barrel is swapped out for a good quality cut or buttoned unit.
I have my 1500 mounted in an MDT ACC. I'm using the poly-metal mags which have performed flawlessly from the start. If I were to change to a custom action, I simply wouldn't see any benefit from a functional perspective as the 1500 action functions at 100% all the time. Now that I have a heavy contoured target barrel, the rifle repeatability has improved markedly from the small sample numbers so far. I haven't had a chance to undertake any solid testing as yet but, that will come however, the initial samples I have shot are under 1/2 MOA but nowhere near the sample numbers to make a solid determination on the true repeatability.
The accuracy or repeatability of nearly all factory rifles is virtually never going to be less than 1 MOA on an ongoing average basis so, I really wouldn't get too tied up about the odd 1.5" group. If you're getting 1 MOA average with 5 or more shot groups, be content because according to those guys who test shoot rifles for a living, 1 to 1.5 MOA is the reality regardless of what the crowd says.