While we are talking light weight, small caliber, packable rifles, consider the Marlin Papoose.
It is more accurate than the Henry Survival rifle by virtue of the fact that the front and rear sights are both located on the barrel of the Papoose. That way you don't lose adjustement when you take down the rifle.
The barrel has a nut that threads onto the reciever.
Mine packs into it's floatation case but can also be packed in two pieces; stock and reciever measure 20 inches, barrel is 16 inches.
The whole rifle is 3 lbs.
I am an amateur rifleman having only shot paper targets, yet i have no problem hitting within the #3 bullseye ring of a Pistol target at 75 yards with the open sights.
As for reliability, I have 3000 rounds through my Papoose now and each time i dis-assemble it to clean I find no wear.
The semi automatic mechanism does not like some brands of ammo but CCI, Federal, and the big names all shoot smooth as silk through this little pea shooter.