Daryl,
On my first M46 I had the same problem with the rear sight and opened it up to a nice 90° "V". The bead now just nestles into the V so the top of the bead is even with the top of the rear sight.
Bullet impact with either the Speer 270 grain or the Privi 285 grain bullet is right on top of the bead at 150 yards and about 1 1/4" low at 200 yards.
The 285 grain Privi did a fine job on a 150 pound whitetail doe at 80 yards last month.
The bullet went in just behind the shoulder, through both both lungs and out leaving a 2" diameter hole.