OK, the locking bolt is the little widget in the barrel underlug that engages the end of the ejector/extractor rod when the cylinder is closed. The item in the breech face is the bolt.
It is possible that the ejector/extractor rod is slightly loose and easily fixed. It's not unusual to find cases where the center pin isn't long enough to press the locking bolt clear of the end of the ejector/extractor rod. You can determine this by pressing and holding the center pin flush with the ratchet and seeing if the center pin is either flush with on very slightly longer (0.005 in) than the ejector rod. It's also possible that the locking bolt isn't quite right, there's supposed to be a slight flat on the end that engages the ejector/extractor rod, not a knife edge.
It's possible that the ejector/extractor rod wasn't properly fitted originally or the locking bolt isn't quite right and some idiot decided to correct it by futzing with the bolt. It's also possible that the bolt wasn't properly fitted at the factory and someone decided to "fix it".
I'd check the center pin length, tighten the thumb piece nut and see if the bolt is now flush, or very slightly (0.005 inch) proud of the breech face/recoil shield with the cylinder open and the cylinder opens easily. If it sticks out as far as you estimate-which I kinda doubt-there's something seriously wrong. The thumb piece should, with the cylinder closed, have a very slight rearward movement to make sure the bolt isn't binding the center pin.
Without actually seeing it, it's hard to make a clear diagnosis. Revolvers really aren't simple mechanisms, there's a lot of little things that have to be right. Armorers/revolver smiths who know what they're about don't grow on trees.If there's no ruined parts, just some minor adjustments needed, you're probably looking at about $50.
What you might try, is to offer to buy it, but due to the problems, it's gotta go back to the factory for repair. You'll pay for the repairs but the repairs come off the price. Or, he pays for the repairs and you'll pay his original price.
[FWIW, while it doesn't help you, when I go looking at used revolvers, I take tools and gauges and check all manner of things like barrel/cylinder gap, end play, headspace/rear gage, carryup, barrel/chamber alignment and yoke alignment before I'm prepared to make an offer. Yes, that does tend to intimidate the seller
but I know exactly what I'm buying.]