These guns were originally sighted in for BPCR silhouette ranges.
Replicas follow suit. You need a taller front sight to bring the POI down so that usually entails a dovetail cut. I have no experience with Steve Young but he is well reputed on Leverguns.com.
You can certainly take the gun all the way down but it's not really necessary. You probably need to do it a couple times at least to become familiar with where everything goes and how it works. Traditional single actions of the Colt design are fairly easy to work on. Unlike a NM Ruger, nothing goes flying out when you take it apart and it's easy to reassemble. While you're at it, you might want to install a Heinie bolt/trigger spring for a cheap durability upgrade. I'd recommend you get a good book on the subject and a set of properly fitted screwdrivers or driver bits. I like the Magna-tip from Brownells, available in a set specifically for Colt single action screws.