I have a Cimarron Model P with a 4 5/8" barrel. With 158 grain bullets it hits the bullseye level of the target in elevation at ten yards. It shoots lower with lighter bullets, as expected. I have not touched the front sight. My problem is that is shoots to the left. It shoots about 6" to the left with 125 and 148 grain copper plated bullets. But, only about 2" to the left with copper plated, 38 special 158 grain bullet reloads. With .357 mag. JSP factory loads it shoots about 1" to the left of center. I read in John Taffin's "Single Action Sixguns" that he was able to correct shooting high, low, right or left by trying various powders and bullets. I use Winchester 231 powder. Yesterday I received a shipment of some 158 grain, .358" dia. lead bullets from Missouri Bullet Co. I plan on trying these bullets in my Model P, using Win. 231, to see if they shoot a little more to the center of the target. Shooting 2" to the left of center is not as much of a problem as Byron is having, but I am picky.
On the other hand, I have a Ruger Blackhawk that shoot perfectly to the center of the target, with the rear sight centered using 125, 148 and 158 grain plated bullets.