I've looked at that ring without a moment's thought and have lugged the rifle (Model 1892 SRC 25-20) around a few times. But it hasn't been coming along as much, just because carrying it in hand for 2.5+ hrs isn't appealing.
Been shooting it a lot recently though and I got the idea to glue a fiberoptic strand onto the front sight (from one of the unused pins on my bow--very fine 0.020"--worked great). And then looked at that ring a little. What's it's purpose? How was it used? After reading out that it was basically made to attach a lanyard to, I ran into the basement and started going through boxes
There's this crummy sling I got with my Daisy Avanti pellet rifle. It's pathetic for it's intended use of sling supported positions. Awkward to adjust and attach. It's 2 nylon straps stitched together about 1/3rd the way up their length. Buckles are used to form 2 adjustable loops; a smaller one for the bicep and the bigger one would go to the sling swivel.
the sling
I put one of those keychain carabiners on the small loop and clipped it to the saddle ring (actually the staple since someone cut off the actual ring). I stuck my right arm and head through the big loop. With winter clothes, I used every inch of the big loop (size 42 FWIW). It worked great! The rifle naturally hangs vertically with the butt just a little above the armpit and placed perfectly to come up into action; the muzzle a little below the kneecaps. Or you can pull it more across the front (not good for walking but probably good for something), or pull it to lie on your back when you climb trees. There's just enough room to be able shoot from either side. Had my hands free to warm them up, pee, send a text, or to just take a break from carrying it. It also removes all the awkwardness unloading since the rifle is supported while having the left hand free to grab the ejected rounds.
Don't know why I hadn't tried this earlier.
I have a big coil of webbing from a canoe seat project; tempted to make another one, but with bullet loops! Who knows what kind of pinch you may run into when you've got the 25WCF. (I don't have any leather under 6oz, otherwise, I'd do it up right!)