Captdavid,
I shoot with open express sights often, and can tell you that with a shallow v, (or any kind of V rear sight) the bead should be held right at the bottom of the V.
In fact, this is how the bead should be for any rear sight, that is a V or a notch or a U. The full bead should be seen, held at the bottom.
This is because it makes your elevation consistant, holding the full bead at the bottom. Your horizontal will take care of itself.
To make this point more fully, I now shoot an express sight with no V - it is just a flat straight bar, and the bead is held over the centre of this. This is the one on the far right of my illustration above. I got this from Elmer Keith, who got it from Theodore Van Dyke, who got it from English gunmakers.
This is just as accurate as anything else, and means you dont have to 'fit'the bead into anything when you aim. You just put it across the middle of the flat read sight. Your mind will position it in the centre thoughtlessly.
Express sights with a shallow V, or with no V at all, are perfectly accurate at normal hunting ranges, they are not just for 'dangerous game'.(I consider 200 metres and less as 'normal'. People who say they are inaccurate or only for short ranges, have never used open sights much. This is to be expected, there are many people my fathers age (retired) who have never shot a deer with anything but a telescopic sight.
This photo is three groups shot with a Brno and express sights at 100 metres, regulating the sights. (Its a .243)
I prefer open V rear sights to ghost ring apertures, because I find that with wide ghost apertures, under pressure it is likely that the rear sight may not be used at all, and wild misses can result. I no longer trust them myself. Ghost ring sights are a good idea in theory. In my case open express sights, a wide shallow V, or a straight bar, beats them for a working sight every time, simply because of this. Peep sights are good target sights.
Next - the bead and point of impact. The bullet point of impact should be covered by the centre of the bead. Many people will tell you otherwise. Do not listen to them. Take a leaf from WDM Bell's book, who's writing explained why I was hitting high on deer, and caused me to experiment.
The sight should be regulated so the point of impact falls at the centre of the bead at the range you want to be sighted in for. Say 100 yards.
When you are sighting the rifle in, you use a six oclock hold, and perch the bulleye on top of your front bead - this is gun regulation work and nothing to do with how you sight when hunting - Measure the area your bead covers at this range, and file the rear sight until the group falls where you judge the centre is (or three inches high from that, whatever you wish)
Then, when you shoot on game, you put that front bead on what you want to hit, like a red dot sight, and shoot through it. You will do this anyway, under pressure, so do it on purpose. I used to shoot a six oclock hold and perch my aiming point at the tip of the bead, but you dont remember when it counts the most, or when something is running, or when you dont have time to think. Shoot through the bead.
People will tell you the bead obscures the target. They will tell you the rear sight obscures the target. But you should shoot with both eyes open. I always did that, I think my grandfather told me to, and so I just did, but its how you do it.
If you want to shoot at targets - like when you were sighting in, sure, close one eye if you want. But on animals shoot with both eyes open, then it doesnt matter how big your sights are. Even the much maligned buck horn sights wont bother you.
Many will disagree with me I am sure. I am disagreeable.