Nice looking 1894s. It'll work in to be smoother. Probably hasn't been shot much.
If all you need is elevation, you could get a higher riser, or lower the front sight, or (easiest) shim the riser a little bit higher. I'd make a crescent from a piece of brass cut from the lower part of a cartridge case. Anneal and shape it to fit the curve of the barrel.
Or, maybe you'll find another ammo that will shoot higher.