Hello,
It does change the barrel harmonics. Some rifles respond better than others. It's not adjustable, of course, like a Browning BOSS, for example.
The bayonet will pull the barrel down a bit. Consider it's a long barrel with a 1/2lb weight hanging off it. It's going to sag a bit.
Long, thin, whippy barrels generally respond best by free-floating then installing a pressure bed, whether that pressure bed be spring-loaded as is the case with Lee-Enfields, or a bit of glass bedding as is often done on sporting rifles, or metal shims as used on some Finnish Mosins, or even rubberized cork, which is the stuff I believe in.
None of these will regulate the sights. As was said, you need to change sights out to do that.
Regards,
Josh