You used to be able to install a MkII Trigger and sear in a MkIII but you had to delete the magazine safety. Which isn't a bad thing, and makes MkIII field stripping and reassembly easier. The MkIII took a great gun and added a bunch of lawyer parts that really didn't improve anything.
The MkIV takedown process is so much better. But really if they had stuck to the MkII it would still be a great gun today.
When you consider the 22/45 versions, the MkIV is clearly superior in every way. Removable 1911 style grip panels, controls and magazine release without the terrible grip of the first gen 22/45 (MkII). And without the stupid LCI that was causing accidental discharges. The negligence there is all on Ruger's engineers that came up with the LCI design.
I really think the MkIV 22/45 is the coolest .22 handgun ever. Feels great in the hand and points naturally.
The stock trigger in them isn't as nice as a Volquartsen drop in kit, but it is quite good. After 1500 rounds or so the stock triggers really come into their own. You will not wear these guns out. I probably have over 10k rounds through my old MkII and it is still one of my favorite guns to shoot. You just can't wear it out.
I would caution you to clean the bolt and breech faces regularly though. Rimfire primers contain a hard grit that helps ignition, and this can accumulate on these surfaces. Over time, you will begin to see surface wear as the bolt and breech faces impact each other and smash this grit between them. Some ammo is worse for this than others.
Sorry for rambling. This is one of my favorite guns so...