Your neighbors to the north compete in these competitions; there is a mention of something similar having taken place in England at some point:

http://www.ar15.com/forums/t_1_5/1763465_.html&page=1&anc=bottom#bottom

I know that the SMLE and the No. 4 were indeed "built for speed" with great attention paid to increasing the effective rate of fire for such guns.  Were they or are they still used in timed competition?