Hi, Dixie,
Your description of how things should work is OK, but we both know that on those Colts there is often a difference between how things should work and how they do work. That basic action is a combination of several European designs, but AFAIK the cylinder bolt functioning off the rebound lever that way is strictly Colt and apparently derived from that of the SAA and the percussion revolvers. Still, it was a lot better than the design of the New Army/Navy, its predecessor.
If you want to see an interesting way of locking the cylinder, check out the Model 1878 or the Model 1889 Navy.
Jim
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