So far, I have made the following modifications to my recently-acquired Ruger Mark IV Target, to address what I believe to be its shortcomings. Make no mistake -- this is a great pistol, and a vast improvement over the Mark III.
1. Replaced the "holster-ripper" front sight with a sight from the Ruger Single Six, with the base ground to conform to the Mark IV barrel contour.
2. Removed the magazine disconnector. This is actually an assembly consisting of the hammer, the magazine disconnector itself (which wraps around the hammer), its spring, and the hammer bushing. (The bushing appears to be installed in such a way that it's not easily removable, and it holds the other parts together.) Replaced these parts with a Mark II hammer and bushing. (If you can't find a Mark II hammer, you can do the same thing with a Mark III hammer and Tandemkross bushing.)
3. Replaced the stock sear with a Volquartsen Mark II target sear. This goes a long way toward improving the trigger pull.
4. Replaced the stock trigger with a Clark Custom steel trigger. This required a little fitting. First, the trigger pin hole in the Clark trigger needed just a tiny bit of reaming so that the stock trigger pin would fit. More importantly, I had to do some filing on the frame, at the front of the trigger opening. This is because the Mark IV frame is a one-piece CNC-milled aluminum forging, as compared to the welded-together components of the previous Marks. This difference means that the front inside corners of the trigger opening are rounded, rather than squared. They must be squared off so that the Clark trigger can fit and function correctly. This is a very worthwhile improvement since the stock trigger is very sloppy. In addition, the stock trigger has a nub that engages the magazine. This is totally unnecessary and adversely affects the trigger pull. (The three things that vastly improve the trigger pull are replacement of the trigger, replacement of the sear, and removal of the magazine disconnector.)
5. Removed the little magazine ejector at the base of the grip. This is totally unnecessary once you remove the magazine disconnector.
6. Replaced the magazine release with one from the Mark III. The only difference is that the Mark III release protrudes less. I found that the Mark IV part made it too easy to release the magazine unintentionally.
7. Replaced the stock plastic grips with the laminated wood grips from the Hunter version. This is a vast aesthetic improvement. (Note that the orientation of the medallions on the Mark IV grips is different from that of the previous Marks. They are now perpendicular to the barrel rather than following the slant of the grip.)