.32-40, 28 grains IMR 3031 behind 170 grain jacketed bullet

I am not one to generally load MAXIMUM published loads, but Ken Waters has stated this is a maximum load for the 1894 Winchester and similar rifles. Trouble is, I just cannot seem to get much accuracy with this rifle, and this load is the most accurate one so far. So I researched further, and sites on the internet suggest that old loads such as these may be too hot, as case capacity has decreased since this data was published. Advice? There were no signs of excess pressure in the rounds I fired yesterday.

I have the sight as low as it will go and it still shoots about 5" high at 50 yards. In your experience, does a Model 1894 carbine in .32-40 generally shoot high?

Yes, the original elevator sight as found on carbines in the early 20th century.

Apparently I had worked up a load several years ago, after trying several different options, and given the powder I have on hand, and reasonable accuracy, 16.5 grains of IMR 4227 provides reasonable accuracy. Still shoots high, but reliable. I found my notes from 2013 and had I found them earlier, I would have been able to resolve this issue much sooner.