I have been through this a few times with different .303s.
Your solutions are in order of preference and likely success (Apart from just finding the right sized taller front sight blade):
1. - File down the top of the sight base directly underneath the bottom of the hinged rear sight, so that it sits lower. Do this judiciously and test shoot it with the load you intend to use, a little goes a long way. Get it shooting three inches high at 100 yards.
2. - Build up the top of the front sight blade with solder, and then file it into shape. There is a calculation for how the front sight should be based on the distance between the front and rear sights and you can then judge how higher it should be. Its on the net if you goggle it, that will give you a rough idea how high, then file it down a bit when you test shoot.)*
3. You have to file the top of the rear sight down, and then deepen the V. (I do not recommend this one as you cant replace the rear sight, and if you ever take the rear stock off the rifle, it will shoot to a different place and may be eight inches low for example, and then you have a different problem.)
*Grandpa has just given you this in the post above I see.
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