It's always hard to second guess these things over the internet.
Anyway, if the gun is ejecting fine when firing the gun keep in mind the fired brass is much shorter then a loaded round.
If the gun fails to eject loaded rounds the ejector may be to long or the angle on the ejector nose may be wrong.
Keep in mind Colt's fix for this that you see on series 80 Colts.
Colt opened up the ejection window by lowering the height of the port and also cut a scallop at the front of the port to clear the bullet of a loaded round.
This may be whats needed if the gun fails to eject loaded rounds.
If it needs all that, I may second guess doing anything extra to the gun. I'll report back here when I'm at the range and after. If it shoots and doesn't hand eject? Then it will be only a range gun and I may even sell it in that case. That's a little ridiculous to own such a weapon.
I'd like for a well knowledgeable gun smith to look of it for me. Guess I'll just see how it does till then, so I can decide what to do with it. It's really difficult online or over the phone.
Might just send her your way for repairs!
Sáncte Míchael Archángele, defénde nos in proélio, cóntra nequítiam et insídias diáboli ésto præsídium. Ímperet ílli Déus, súpplices deprecámur: tuque, prínceps milítiæ cæléstis, Sátanam aliósque spíritus malígnos, qui ad perditiónem animárum pervagántur in múndo, divína virtúte, in inférnum detrúde. Ámen