Yes, there is a "right way" to regulate the sights on a fixed sight revolver, but it is not for the "Home gunsmith"!!!! Because of this I will not even attempt to explain it, and no doubt is why Jerry Kuhnhausen makes no attempt to describe it in his S&W book.
"I have heard that old gunsmiths had ways of dealing with this type thing, one being whacking the barrel with a lead hammer. I was hoping someone here knew the techniques."
This is a gross over-simplification of what is done and just enough information to cause severe damage to the gun! Yes, I know and have done it many times to both S&W and Colt revolvers, but I am still not going to tell you!
If the gun is only shooting 2" off at 45' simply changing ammunition may see it shooting left, right, high or low, or any(!) combination of these. At best fixed sights can be regulated for a single load at a specific range. If this were not true then target revolvers wouldn't need adjustable sights! Simply changing to either factory .44 Special loads that replicate the original load may get the gun shooting center, or may make it worse.
All fixed sight revolvers are typically regulate to shoot (Within an un-specified tolerance) to point-of-aim with standard-for-caliber ammunition. For .44 Special this is 246 gr Lead Round Nose ammunition at ca 750 FPS. Faster or slower, lighter or heavier, and even if perfectly regulated with factory ammunition the gun will usually shoot off point-of-aim. If you are within 2" @ 45' if you are wise you will call it good. If you want a .44 revolver that shoots right to the sights then buy a Model 24, 624, 29, 629 of whatever configuration you prefer and trade for it. Otherwise accept the fact that "close" is the best you can expect with a fixed sight revolver and live with it. If the gun is capable of 1" or so @ 45' then it is very accurate. Accuracy is defined by group size, not placement relative to the aiming point.