If it is of the patridge style (some call it a post) front sight, try to get you a Baughman quick draw style that won't hook on anything on the way out of a holster.

If that interchangeable front sight system is working correctly, you shouldn't need to do such a radical fix as drilling and tapping. I think it has a spring inside to keep the blade in a fixed position. Is the spring present and accounted for and not broken, sprung, hung up, or bent somehow?