Welcome to the Forum! We're always ready to greet another S&W N-frame addict! I think that this is a non-problem, and for some reason appears to show up more often on .357 Magnums and Model 27s. Here are a couple of examples...my 1955 .357 Magnum, and my 1970 Model 27-2 (my 1971 27-2 has the same issue but not so pronounced). They shoot just fine and everything works smoothly. You didn't mention the s/n of your 27-2, but it might have been manufactured in the same time period as mine and that may have been SOP. The protruding locking bolt pin doesn't show up on any of my other N-frames (Model 25s, 28s, 29s, or 57s). You can try to give the cylinder, extractor, and bolt/pin a good cleaning and see if it makes a difference, but it probably won't. Leave it alone and enjoy!