Greetings Bluebaiter 222,
I think you have identified the simplest fix in installing a higher front site but there is another way. You may be able to use hand loads to sight in the rifle. I suspect that you are using 150 grain loads which may make the problem worse but you could try cutting your load a couple of grains to see if that brings the zero down. Also a switch to 174 or 180 grain projectiles may help. You don't need barrel straining velocity to bring down a deer with a .303, 2,200 fps is more than enough. I was lucky that my No 4 was close to dead on with 174 grain round noses and a reduced load. Chaz Forsyth did an article in NZ Guns a few years back on differences for point of impact with various projectile weights in a 303. I will have a hunt for it and report .
Regards Grandpamac.
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