Phoneman,
Sounds like you may have more than one thing going on at the same time.
Problem one. The gun won't group. Check out the lockup by trying to move the barrel around in the action, if it moves much at all it is in need of attention. Also confirm the sights are properly attached and tight i.e. no movement. Some have had luck putting a spacer/washer between the forearm and barrel giving a bit of float to the barrel thus causing less pressure on the barrel/forearm interface. Of course, bullet/powder combinations can affect accuracy, some rifles are just more finicky than others. My sons Optima seems to like the 250 Shockwave with 80 to 90 grains of powder. First outing with it we were getting 1" goups at 25 yards with no issues sighting it in with factory sights. I would stay away from scopes till you get it sorted out with the open sights, no need to introduce more variables into the mix.
Problem two. You mentioned that no matter where you set the factory sights it shoots low. My questions are, even though its low, does it group at all? Are the sights the correct ones from the factory? If the gun groups ok, just low, then a lower front sight may be in order. If the groups suck, confirm everything is tight in the lockup and sight mounting.
If all else fails, send the gun back to CVA and see if they can figure out whats going on.
Good luck with it and remember, it's a good excuse for more range time.
David