I got my first SKS.  It's a Chinese one.

I sighted it in so that its POI is about 2" high at 50 yards on the 200m sight setting.  Is that good?

Accuracy was not good.  It was my first time shooting it but it seemed the groups were quite large.  

With the bayonet extended the group was about 1" left of where it was with the bayonet folded, but no shift in elevation.  

Congrats,  I haven't shot for groups in years,  but if I  recall correctly,  I was getting ~4-5 inch groups with irons. However,  I watched a guy on YouTube that did a MOA group offhand with iron sites.  YMMV.

I have been away from them for about 15 years... what I recall and how I just did my new Chinese addition... I put a target out at 25M or roughly 27 yards with the rear sight on the 100M setting.  I sight it in.  it's right on a 10" target at 100 yards. the range I was at had a 200 yard range,  so i slid the rear sight to 200M and although I can't really see the target too well (old eyes) ..I managed a 20" 8 shot group, not sure where the other two rounds went..i did not have a spotter.