Can the front site be changed out, isn't it a matter of driving out the pin and putting in a front post with a different hight? Also heavy bullets hit high and higher yet with a high velocity. If your shooting a hotter load that could mean you need to take the front site down. If its pinned Ruger can send another one if soldered try adjusting your load / bullet weight first. If want to grind your front post take a little off at a time. But wait to see what others have to say. Look up Iowegan on here and send him a question see what he says.
When all else failed, I've actually filed down the rear sight on some of my fixed sight guns to lower the point of impact. It's a drastic measure and irreversible, so explore other options, first. If you have to go this route, take a file with you to the range and go, slowly, shooting frequently for effect. I'd definitely try finding a taller front sight, first.
Yes,-- front is opposite of the rear, shooting high, needs a taller front, It's been my experience that a slower moving bullet will shoot high,
It's in the barrel longer during recoil--faster bullet exits quicker while the barrel is lower.
More pronounced with a week grip. I don't have the stats in front of me but you may want to compare factory Vel. with your reloads.
Also check your site picture and trigger squeeze, ( just saying )
My 357 Blackhawk with 4 5/8 bbl shot high with the adjustable rear sight bottomed out, like yours. I contacted Ruger with my issue. They sent a taller front site blade and pin to me on their nickel. It is, however, my understanding that only the stainless steel guns have pinned front sight blades. A taller sight on a blued gun probably needs a 'smith.