<< Isn't headspace governed by tolerances for the sake of revolver longevity? In a tightly-chambered revolver, like a .357 Ruger magnum I've worked with, it might also be important to the longevity of the brass. >>
Too much headspace will not affect the longevity of the revolver. It may affect the longevity of the brass, or if sufficently overspec can cause misfires. Too little will cause the revolver to hang up. Typically not on every cartridge but once every so often. In any case, the tolerances are greater than for the cylinder gap. They will typically be close enough if you get the cylinder gap correct, so the cylinder gap is the thing to worry about when you decide which end of the cylinder to take metal off of.
<<Misalignment would more likely be with the cylinder because it has multiple chambers.......but that doesn't negate the value of properly locating the cylinder stop within the frame. They go together to get decent alignment...... >>
The typical case is a misindexed cylinder, all the chambers wil be off by about the same amount. Of course the bolt slot must be properly located, but it's been my experence that if there is misalignment it's usually the fault of the cylinder. You will have a misaligned cylinder and the next four cylinders you try will line up correctly in the same frame.
<< The cylinder should lock before the hammer is all the way back.....to allow for some wear-in and as a safety feature. If it did not, the hammer might be released without the chamber and barrel being held in alignment. >>
All perfectly true, but we were talking about a mis-matched hand and cylinder.
<< To the best of my understanding that's the way things work, anyway. No, I'm not a gunsmith, but I've worked with some Ruger's and that's how they perform -- from what I've seen. >>
I have a couple of bad examples at home. Had to replace the cylinders. This was on a couple of Old Armys. Since they were cap & ball revolvers I fitted new cylinders and kept the old ones as extras as in the old days they carried extra cylinders for quick reloading. (The old ones were not so far off as to be unusable.) Ruger will not replace the cylinder unless you turn in the old one. And there is also the risk of their "fixing" my trigger job.