There are certain kinds of sights made to use in firing at certain sized bullseyes at certain distance. Mostly, these are the kind of closed target sights you see on olympic style rifles, with both an aperture rear, and an aperature FRONT sight! there are different sized inserts that you can put in the front sight to match the size bullseye on your target.
With open sights, the only thing close to that is the custom of rifle makers to put either a "6 inch bead " or an "8 inch bead ", which means that 100 yds, the bead on the front sight covers either 6 or 8 inches on the target.
Most sights on muzzle loading rifles are straight Posts, with no bead on top. The rear sight is a notch, mostly " V " shaped, but sometimes " U " shaped, and even rarer, square shaped.
You will find that leaving daylight showing around the bront sight as you look through that rear sight will give you the clearest focus of the front sight. The rear sight should be slightly blurred, and that bullseye should be even more blurred when you shoot. With rifles, handguns, and smoothbores shooting RB, your focus must be on your front sight when the gun fires. With shotguns and smoothbores shooting shot, at moving targets, whether clay, or live birds, your focus should be on the bird, and not the bead on the front of the barrel.
On the question about directions on knobs, if the knob has the word " Up " engraved in it, turn the knob in the direction that you read the word to raise the sight. This is often counterclockwise, but not always.
I you use oils to lube your barrel after cleaning, you might be better off storing the gun muzzle down. You would be better off using a good lube, like Bore butter to coat your barrel. Always check your barrel a couple of days after you clean and lube it for storage. With a good grease or solid lube, like bore butter, you can store your gun anyway you prefer. With oil, you don't want oil running down the barrel out the vent, or nipple, and then dripping down on your stock. It makes the wood soft, and leads to eventual problems. If you store the gun on its muzzle, put a rag down to rest it on to catch the oil that comes out. Since I can't bend over to pick those things up much anymore, I avoid the mess and use bore butter to lube my barrel.