Well, you can " pretend" that was a design feature but it was not. The arbors of the originals in fact fit all the way to the bottom of the arbor hole . . . a little "detail" that all reproduction manufacturers left out.
Having a loose wedge was never a design feature and isn't a good idea. The very idea of "adjusting" the endshake makes absolutely no sense and wouldn't make any to the average owner/soldier. The obvious setup would be a "fixed" endshake so you would have the same setup every time the revolver is assembled without "adjusting" anything . . . and that's exactly what Colt did.
The company's instructions didn't say "drive the wedge in and adjust the clearance/endshake. It was simply "drive the wedge in . . . or "drive the wedge out . . . for cleaning or assembly.
Shooting a Walker or Dragoon with max loads and a loose ( in "just so") wedge will eventually upset material on the barrel assy and beat the arbor end . . . even to the point of failure. I know this from experience and I here it all the time from customers.
I also know that once corrected, there's no more beat up wedges, no more upsetting barrel material and the endshake is a constant.
Something else I know, if a wedge starts out loose, it won't tighten itself up, it'll just get looser and THAT'S where the quickest damage happens . . . to wedge and revolver.
Hundreds and hundreds of corrected open top revolvers (not to mention my own personal revolvers that shoot much higher pressures with no problems) are a testament to Colts design done correctly , as these revolvers are used in competition, paper punching, hunting, self defense. I would definitely NOT test the platform like I am if the wedge was the "do all alignment tool " . . . it is not. It is simply a tensioning device joining two assemblies together so they will act as a single unit. The original wedges were numbered to the revolver and not considered a "consumable" lol. Anybody have an original "wedge bag"?
Mike