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Joe,
Timing an old style Colt DA ranks right up there with a session in the Iron Maiden on a list of fun things to do.
My advice: send it back to Colt.
To answer some of your questions, your second paragraph describes normal behavior for Colt DAs. Even new, they rarely quite lock up when the cylinder is held or when they are cocked slowly. What really has you worried is really a non-problem.
The premature release of the bolt indicates that the back end of the bolt is slipping off the rebound lever cam, probably to the side rather than off the front as it should. If nothing is broken, that might be corrected by tapping the bolt to bend it a little more toward the rebound lever. It could also be caused by a rebound lever moving sideways if the pin is too small or worn. (Maybe a bad replacement pin; that you can check for just by removing the grips.)
Your other questions, I'll try to answer.
1. Colt always listed Python and parts separately, but AFAIK it is a J frame. Anyway, new J Frame parts are readily available from Gun Parts Corp. The Kuhnhausen book will certainly help.
2. If my guess is right about the bolt slipping, you may not find any wear. You will have to try to observe the action and see what is wrong.
3. See 1. above.
4. Yes. S&Ws are simple. See "My advice" above.
Jim
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