[Hellgate]

It sounds like you are getting overtravel from a too short trigger. Several of my guns will do what yours does: pull back beyond full cock but settle into the full cock notch. I don't like it either but I can still see the sights fine. A taller/longer trigger sear would cause the hammer to need to be pulled farther back to engage the full cock sear. My 2 cents is to get a new trigger. Maybe someone did some "tuning" and goofed up and reground the sear down a little too much to "fix" it. I read somewhere (so it must be true) that Colt made triggers a little on the long side in order that the guns could be properly fitted. Changing a trigger out on a Colt might change the POI due to changing the position of the hamer in its arc to a higher or lower point. I've thought about that with some Colts that have shot low.