Re: colt ace
There are three types of 22LR, basically. Standard velocity, high velocity and hyper velocity. The hyper is the Stingers and the Vipers and the YellowJackets, and the stuff like that. You don't need them to make the gun work.
Then there is the high velocity. That will be most Long Rifle ammo out there. Federal Hi-Power, Remington Golden Bullets, Winchester Super X, CCI Mini Mags, and the cheap ones from the big four, Federal Champion, Remington Thunderbolt, CCI Blazer and Winchester Wildcats. Any of these should work fine in your gun.
The standard velocity (also called sub-sonic) is what the target ammo is. It is generally much more expensive than the High Velocity stuff. With an Ace, I truly don't see the need for spending the extra money.
Now, having said all that, 22s are picky. I have an Ace. It won't feed Remington Golden Bullet hollow points. Don't know why. It doesn't like them. It eats Mini Mag hollow points, and Super X hollow points. Jams every time I try it with Golden Bullets. Your gun may love them.
What I suggest is buy a box of every kind of 22 you can find. Try them, in your guns. You may find that they like two entirely different types of ammo. Doing this will allow you to find out what your gun likes to eat, and what it likes to group (not always the same stuff), and what you feel is "good enough" to justify the money spent. You may find, for example, that Eley Pistol Match will shoot a slightly smaller group, in one of your guns, than Federal Champion. But the Eley is 15 dollars a box and the Federal is 2 dollars. For that price difference you might could live with the larger group. Or you might find that gun #1 shoots a half inch group with Federal but won't group Winchester, while #2 shoots a half inch group with Winchester but Federals look like a shotgun pattern. But both of them will shoot a three quarter inch group with Mini Mags. Not perfect for either, but works in both.
Meddle not in the affairs of dragons, for thou art crunchy, and taste good with catsup - George of Lod, Year of Our Lord 297
I always take precautions.
Beware the Evil Bullet Fairies.