SHOOTIN4FUN the Iron elite mount puts the scope slightly to the left. This allows the bolt to clear the scope when operated. The only modification to the rifle is the removal of the rear site.
Look at surplusrifles.com. They show how to install the mount on a m48 and how it looks when complete.
As for the frontsite replacement. If you hand load, develop a load to work with the blade you file.
Actually, if you get the front site where you want it. Changing ammo ie: bullet weight, should not make that much difference if the weight is not more then 30 grains. However ammo condition will matter. I suggest a front site set for a hunting round made by federal or pmc. Mount a scope for hunting and set it for a hunting load. Then use surplus ammo for plinking. The pattern should stay inside the diameter of a paper plate. this is good enough for ooohhhhh idon't know varmit(looter) controll at 100 yards.
If you control windidge(left or right) hits then elevation does not matter(you can compensate by aiming low or high).
hope this helps