Clicking on the blue link below is another way to get there.
BROWNELLS SIGHT LINK
I'm not sure how it works but it might be fun to play with.
The reason I don't know how it works is I didn't see where velocity, range or BC was used in the equation and velocity, range and ballistic coefficient have a Lot to do with the answer. I must admit I didn't spend too much time looking though.
I ran a quick ballistics program using a .490 dia ball at 1490 FPS zeroed at 50 yards.
Using the answers first 5 yards of bullet rise to determine the angle gave me a value of .002222
If a 50 yard zero is close to what your looking for, multiply that value times the distance between the front and rear sight.
The answer will be the difference between the rear sight to the center of the bore as compared with the front sight.
Using 22 inches as the distance between the sights and the .00222 value, this equals .048. so the rear sight should be .048 higher than the front sight.
This is only for the velocity and range I mentioned, but it is a good starting place if your building a gun.