Dearmer,
This is just a thought, but have you tried a slightly lighter bullet with the same powder charge? That would give you more speed, less recoil, and a faster barrel time , and it should lower your POI. I would do anything to avoid changing that front sight. It's not the money involved, you might change it and then find that you had a better solution or something. I don't like burning Black in any of my cartridge guns and because there are now so many substitutes for black, I would also fool around with some of them. Beware though, whether they smoke or not, they are all somewhat corrosive and you need to clean it up right away after shooting.
Bob H.