"Peep", aka "Aperture Sights", certainly have a lot to recommend their utility for sure. The particular iteration in the said "Bolt Peep" Model 71 and 'other Winchester Lever original applications; such offer the genre dual context of "aperture-frame" facilitating "form of auto-focus". Almost automatic aft orientation, with greater concentration afforded on the "bead". Yet moreover, as often less construed, the advantage of "sight radius" improved. A win, win combination.
And with all that said as "given"... I don't care for them on lever guns in context as the fast sighting option-ideal of retaining dual aft barrel "open sight" and as "peep function" optional. The Tang Sight to me offers such option. None "factory drilled" as the 'upside/downside of aftermarket presumed, collector value large hit as upside of "rifle cheaper and facilitating that ideal sighting combo.
Returning to downside of the "bolt aperture "peep" tending to impede "slick format of non-interference hang-up on scabbard, clothing, heavier vegetation, other. Closer ranges snap shooting in Eastern woods context. Leaving "aperture-exclusive" alternatives to Western Rifles of longer range "plains" terrain. The rifle 'category of 'use intended' as sights-beneficial. Such as reserving closer, "snap shooting to open sights and woodlands contexts where the levers tend to shine.
My entirely personal "collector prejudice" as preference for my single Model 71 in 14xxx SN range sans bolt peep, hallowed feature or not of majority. Damn the "smell of the peanuts and roar of the crowds" heralding "bolt peeps! In such context 'll take my Winchester classic leverss as Plain Vanilla!
Just a personal prejudice... 'My take'!
Best!
John