A bench grinder can easily solve that problem. All for show anyhow, unless you're wild Bill at the range showing off for your buddies. Other than that, the "high" hammer serves absolutely no purpose.
Let's look at a little bit of history. The 'original model' Vaquero was introduced in 1993. As has been stated many times, this model was nothing more than a standard Blackhawk with the adjustable sight removed and the top of the frame recontoured to resemble the Colt Single Action Army, as well as a simple blade front sight instead of the ramp front sight of the Blackhawk. And the grip frame was steel instead of aluminum. I clearly remember the first time I picked up a Vaquero I could tell it was heavier than my old Blackhawk because of the steel grip frame. Just like the Blackhawk, the Vaquero was about 10% larger than a Colt. The cylinder was beefier, and the frame was big enough to house the larger cylinder. The heavier cylinder was why the Vaquero could handle heavy loads that might have damaged a Colt. This version of the Vaquero used the same hammer as the Blackhawk, and if you look at my photos you can see that the hammer spur was shorter and one could see over the hammer spur when the hammer was down and sight the gun.
But lots of Cowboy Action shooters did not like this heavy single action revolver and they made their preferences known to Ruger. So in 2005 Ruger introduced the New Vaquero. The New Vaquero was Ruger's attempt to satisfy the CAS shooters who said they wanted a gun more on the same scale as the old Colt. The frame was scaled down a bit, to be about the same size as a Colt. This meant the cylinder was scaled down too, with less meat around the chambers. And that is why, at least with a large cartridge such as 45 Colt, it is not advised to shoot the same 'Ruger Only' loads that the 'original model' Vaquero could easily digest. Other changes made to the New Vaquero were the taller hammer spur, which we seem to be discussing at length, slimmer grips, a redesigned ejector rod handle, and the cylinder pin was redesigned so it could be removed without removing the ejector housing. And then of course there was the lock, which was the first time that Ruger had built a revolver with a built in lock.
At this time Ruger was on a campaign to reduce the number of SKU numbers they had to keep books on, so the decision was made to drop the larger, 'original model' Vaquero and only produce the New Vaquero. So right away, there was great complaining and gnashing of teeth over the decision to drop the larger frame Vaquero. And besides the lock, one of the chief objections to the New Vaquero was the shape and height of the hammer spur.
Let's take another look at that hammer spur. Here is a photo of a 2nd Gen Colt at top, and a New Vaquero at the bottom. Notice how similar the hammer profiles are.
The reason so many SASS shooters did not like the high hammer spur was because most of them shoot their pistols with two hands, thumbing the hammer with the thumb of the off hand while the strong hand held the gun and operated the trigger. For this style of shooting, the tall hammer spur gets in the way and inhibits fast shooting. Personally, this never bothered me because I shoot all my single action revolvers one handed, including the Colt and New Vaquero in the photo, and a tall hammer spur is natural for me to cock with my thumb.
But Ruger listened and came up with the SASS Vaquero. Among other things, it features a hammer with a lower spur.
http://www.ruger.com/products/vaquero/index.html
Ruger also made the lower profile SASS hammer available as a replacement part, and it became so popular that they could not keep them in stock. Last I heard, the SASS hammer is back in stock.
So if you don't like the tall hammer, put the grinder away and call up Ruger and see if the SASS hammers for the New Vaquero are back in stock.
P.S. The crack about being Wild Bill and showing off at the range was uncalled for. I like the tall hammer spur on a Colt because that is the way they were made.