I'm well aware of the claim that "heavier bullets will shoot higher" in handguns and have always found it to be valid. However, it's possible there could be an exception to the rule with such a very heavy bullet in a very short barrel. The original poster is probably getting such a low velocity (maybe 650 fps or so?) with this weird combination that the rule we all assume is correct doesn't apply.
I'd try different bullets (perhaps the same or similar weight as that already used but different design) and also lighter bullets and a variety of powder charges before I tampered with the front sight. Point of impact from a benchrest will be different than shooting offhand, perhaps significantly different, 6" or even more in elevation. Test at 25 yards to easily weed out loads providing poor accuracy, then test offhand in the preferred non-rested stance.
Yes, a lot of trouble that may only lead you back to the "heavy bullets shoot high" principle, but it would beat speculation. Then you go to work on the front sight, or have a good gunsmith do it.