Cannonmn,
I'm convinced that that is exactly what it is, a protective cover for a dispart sight, in fact I also think that it may be the cover for the sight that has been placed right in front of it in the display case. I have read about these (in more than a few sources now) brass/bronze covers for both the front sight, and larger ones that were used to protect the locks, and cover the vents of Federal naval guns of the era.
The funny thing is, I contacted the US Navy Museum in DC, and asked the curator about these protective covers, and was told that he wasn't familiar with them, but it
was possible that the museum could have some of these items in storage (go figure). In any event, for what it's worth, I'm in agreement with your opinion.
You can see the lock cover on the Parrott in this period photo; I would love to find a CW pic that showed a gun with a covered front dispart sight.