Recently it seems that S&W is shipping revolvers with the barrel overclocked. I have a 610-3 that is just slightly overclocked I purchased in 2009 and a new 625 JM text fired August 10, 2011 that required adjusting the rear sight 2 clicks shy of it's leftmost limit to zero the sighting.

IMO the front latch has enough "slop" between the latch and ejector rod that a barrel would have to be VERY VERY out of alignment for it to have any effect on lockup. I've checked my 625 to see if the front latch might bind up the ejector or fail to latch and it's just doesn't happen, it latches in like all my other S&W revolvers.

I expect that if you look closely at your 586 you'll find the yoke is fully closed when your front latch locks in. So, in that respect your cocked barrel isn't an issue. However, with your rear sight at it's limit of travel I would have it corrected on any gun covered under the warranty. Unfortunately, in your case the warranty won't apply, so you'll have to decide if you want to pay a gunsmith to do this.