Howdy
When I first got involved in CAS I was regularly attending a match where we would occasionally have to take some shots at a big steel silhouette of a bear.
Most targets in CAS are very close, and there is no need for anything but open sights. But the bear was usually placed out 75 or 100 yards away from the firing line. I was shooting an original Winchester Model 1892 chambered for 44-40, and the 44-40 has pretty much of a rainbow trajectory.
So I mounted this Lyman tang sight on my '92 and sighted it in for 100 yards.
But I discovered right away that with the tang sight up the standard Semi-buckhorn rear sight on the rifle was in my line of vision when I used the tang sight. So I replaced the original Winchester Semi-Buckhorn sight with this flip up rear sight. When using the tang sight I would flip the rear sight down out of the way, and flip it up for all other shooting. You should take this into consideration if you intend to use both sights. To tell you the truth I don't use that rifle much anymore, and we don't shoot at the bear any more, so I should probably remove the tang sight and reinstall the original Sem-buckhorn sight. If I can find it.
Regarding danger to the eye with a Winchester Model 1892 or any replica of it, with the possible exception of those chambered for 44 Magnum or 454 Casull and maybe 357 Magnum, the typical chamberings for the '92 and its clones are 45 Colt and 44-40, and they do not develop enough recoil in a '92 for a tang sight to be a danger to the eye.
I picked up this antique Model 1894 chambered for 30-30 last year. It came with a tang sight, I'm pretty sure it is an old Lyman sight.
30-30 develops quite a lot more kick than 44-40 or 45 Colt. I tried the tang sight a couple of times, but didn't really like it so I flipped it down and used the original Semi-buckhorn rear sight when I took it to the range a few times. Even though this old '94 has a heavy 26" octagon barrel, it gives me a pretty good shove with standard factory 30-30 ammo. I would be a bit more leery of getting whacked by it in recoil than with the tang sight on my '92.
Regarding your use of a tang sight, it depends on what you use the rifle for. Tang peep sights obscure most of the target. This is of course dependent on how big the aperture is, but still they obscure most of the target. Very well suited for precision long range shooting from a bench, not so much for a quick shot at a bounding deer.
And frankly, as I found with my old '92, with rainbow trajectory cartridges such a 45 Colt or 44-40, not much use very far beyond 100 yards anyway.
Yes, your only options today are the Lyman sight which is only adjustable for elevation, or the Marbles one which is adjustable for both elevation and windage.
http://www.marblearms.com/peep-tang-sights.html