FLT CREW OF SF34 RESPONDED TO TCASII RA DUE TO SCUD RUNNING BE35 SEARCHING FOR HOLES FLYING THROUGH APCH COURSE TO APN ILS RWY 1.

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ABOUT 10 MI FROM THE APN VOR ON TCASII PICKED UP AN UNIDENTED TARGET AT OUR ALT. WHEN WE WERE ABOUT 5 MI NW OF THE APN VOR THE TARGET WAS HEADING STRAIGHT FOR US AT OUR ALT. THE CAPT AND I BOTH PREPARED FOR AN RA. THE CAPT AND I COULD NOT PICK UP THE TARGET VISUALLY BECAUSE WE WERE BTWN LAYERS IN VERY POOR VISIBILITY. WE THEN GOT AN RA TO CLB. THE CAPT SAW THE BONANZA AS WE PASSED IT AND LATER STATED THAT IT WAS A VERY CLOSE NEAR MISS AND HE WAS FAIRLY CERTAIN THAT WE WOULD HAVE COLLIDED WITH THE ACFT IF WE DID NOT HAVE THE TCASII RA. AFTER THE NEAR MISS WHEN WE WERE INBOUND ON THE ILS RWY 1 TO APN ON THE CTAF FREQ; A BUSINESS JET WAITING FOR IFR CLRNC ON THE GND AT APN WARNED US THAT THE TFC THAT WE HAD A NEAR MISS WITH WAS STILL HANGING AROUND THE ARPT AT 3500 FT. ALMOST IMMEDIATELY AFTER THAT XMISSION ANOTHER ACFT CALLED AND ASKED US HOW THE WX WAS WHERE WE WERE. HE STATED HE WAS OVER THE APN ARPT TRYING TO FIND A HOLE TO COME DOWN THROUGH. THE WX WAS RPTING 500 FT OVCST AND 4 SM IN MIST. THERE WERE SEVERAL LAYERS OF CLOUDS WITH GENERALLY POOR VISIBILITY IN THE LAYERS. WE TOLD THE GENTLEMAN FLYING THAT THERE WERE NO HOLES IN THE AREA AND ASKED IF HE HAD SEEN THE RED SAAB. HE SAID THAT HE HAD NOT SEEN US UNTIL WE PASSED HIM. ONCE ON THE GND AT APN WE GAVE ATC THE TAIL NUMBER OF THE BONANZA AND TOLD ZMP THAT HE WAS NOT TALKING TO ANYONE. THE BUSINESS JET THEN GOT ON CTAF AND TOLD THE BONANZA THAT THEY WERE NOT GOING TO DEPART APN UNTIL HE CLRED OUT OF THE AREA. FACTORS INCLUDE: 1) PVT PLT'S DECISION TO CONTINUE INTO VERY MARGINAL WX CONDITIONS WITHOUT ANY TYPE OF FLT PLAN. 2) NON RADAR ENVIRONMENT BELOW ABOUT 6000 FT IN THE AREA. 3) WX CONDITIONS. IT WAS VERY QUESTIONABLE IF VFR CONDITIONS EXITED AT THE TIME. 4) TCASII. BOTH THE CAPT AND I ARE FAIRLY CERTAIN THAT WE WOULD HAVE HAD A MIDAIR COLLISION IF TCASII WAS NOT INSTALLED AND WORKING IN THE ACFT.