One thing to check is the barrel alignment. The barrel should be parallel with the cylinder, and square to the breech. If the dimensions all conspire to tip the barrel upward, it will shoot higher than it should. The gunsmithing book I mentioned in an earlier post has a section on adjusting the barrel position on an open=top Colt. The front sight can be replaced, I did on two Colts (a second and a third gen), but as the shrink responded, it might interfere with a holster, mine no longer fit a "Slim Jim" holster., but they do hit point of aim. A new Colt is either a second generation, from the 1970's or a third generation (Signature Series) from the 80's/90's. The former being of higher quality. The parts are Italian, the fitting and finishing in USA. 2nd gen by Iver Johnson, 3rd gen by Colt Black Powder, a sub-contractor in Brooklyn, NY. 50 or so grains of BP is a good way of loosening the gun up real fast, remember that the originals in 1847 had quite a few blow-ups, which is why the Dragoon was downsized.