DETAILED CARRY UP REPAIR:
Yes, you have a "carry up" problem. You can fix it faster than you can read the explanation and 'how-to' below w/o any new parts.
The issue is a failure to "Carry Up". In other words the hand does not carry the cyl far enough to lock up within the normal cycle distance of the hammer travel. Usually it doesn't show up in DA shooting because of the momentum of the faster cyl rotation.
Based on your assessment and comments, I believe Pat Sweeney's "Gunsmithing Pistols & Revolvers", 2nd Ed.(2004), pp.219-220 is the most sensible, perfectly good solution, what I would do and have done many times, what S&W factory trained smiths have done in similar situations, and also what members on this forum have done successfully after reading about it, which is:
Peening the ratchet tooth (or teeth) to correct timing/cyl 'carry up' is simple.
Replacing and fitting a new hand may fix your problem and may not, but the hand is not likely needed or at fault. It's the harder part compared to the cyl teeth.
The flat surfaces of the teeth facing you when looking at the rear face of the cyl are where to peen. The tooth at about 3 o'clock is the next to be engaged by the hand (when cyl is closed) to advance the chamber to the right of the one at 12 o'clock, into firing position. The cylinder turns counterclockwise so the hand will engage the 'bottom side' of that tooth. The flat surface facing you is where to peen, on the edge right above the bottom side of the tooth. No need to take the gun apart at all. I lay the gun on a padded surface on its right side, muzzle pointing to the left (I'm right handed) with cyl propped open with a rolled up shop cloth.
If you're worried about force to the yoke and frame, I'm afraid that you're envisioning TAPPING TOO HARD. Just a very light peen with a small hammer and flat tip punch is all that's needed to 'upset' the metal. The ratchet teeth are not hardened! This takes finesse, not force.
And by laying the gun on a padded surface without restraint as I described, it's allowed to move when the punch is tapped with the hammer, mitigating any force to the yoke and frame.
You may not even see the metal 'upset' from tapping the punch and it can be enough to solve the problem. One light tap with a small light hammer and flat face punch then close the cylinder and try it. If the cylinder doesn't 'carry up' or even if it does C/U but still has too much 'looseness' when fully cocked, give the tooth another tap. You can do all six teeth, or just others where there's looseness with the chamber in firing position when the hammer is cocked.
Rough handling/constant double action rapid fire can accelerate the teeth deformation but it did not happen overnight, and now you have another 20+ years of shooting before it'll need anything more, depending of course on how much you shoot the gun. I've never had to do the same gun twice.
If you peen too much and the cylinder carries up too far that puts cocking the hammer in a bind or the bolt 'jumps' out of the cyl notch, not a problem, peen the surface that the hand contacts and push it back.
I would not put up with a carry up issue especially when it's so simple to fix.
Hope this helps you,
