two words...very carefully.
Right to left is easy. Very gently take a small tack hammer or even your short starter and tap the right side of the sight until it moves a little bit. Fire three rounds OFF THE BENCH and see where they go, maybe even swab between each shot. If it's closer to center, tap again. If you're over, tap the other way.
Now, elevation....shooting high presents a difficult problem. First of all, what is your point of aim? Do you "sunset", "eclipse" or "lolipop" the target? Also, what is your powder charge? Maybe you're shooting a little hot for that gun, just a thought. If all else fails, buy a front sight "blank" from TOTW, TVM, Chambers; someone with the same dovetail. It will be a large square blade of brass or silver or whatever. Tap it in, shape it a little but be sure that it is at least an 1/8th of an inch taller than the old one, then start shooting. It will shoot WAY low the first time. Take a file, take a LITTLE bit off the sight, shoot another pattern. Repeat until you are dead on. I have tried to modify the dovetail instead in the past and found that it is easier to start with a taller sight than to file into the dovetail.
That is the way that I have done it in the past and it works for me.
:results:
Others will likely tell you different, take a consensus and most of all be patient.