Colt Officer's Model Match

Does anyone still use this revolver for either center fire or distinguished revolver? I know it's kind of old school but can shoot a revolver half way decent out the gate. Also can anyone speak to how much one today would cost?

An OMM in good condition should set you back between 750 and 950 or so.  They are excellent revolvers but the 586 S&W is equally as good.  As is the K38.

If the rear sight was replaced with an aftermarket adjustable would it still qualify for DR? I found one in decent shape, can tell it's been shot, character wear, for $500. Might need to find a new home for my S&W M19 to get the Colt.

For DR has to be original but the replacement rear sight may have been a factory option.  What are the markings on the sight?

The rear sight looks like it could be a Millett. I only have pictures to go off of it's an out of state buy.

Put an Elliason on it and you'll be good to go. Factory option. 
Bob

What was the bullet weight and design choice for the OMM and what was the same for the K38? How did the two revolvers compare? I've been doing a lot of shopping and Im not sure which to get. I've been told the Colt was more accurate, but I'm torn on the K38 because I've already got a K22 and a pair would be nice.

Remember for DR matches 
(e) Ammunition- Any safe .38 caliber ammunition using the 158 grain round nose or Semi-Wadcutter bullet only.

I will help yoy decide get the k38 it was designed for the 158 lrn.... so I was told. You can always get the target trigger and hammers .500 in wide like I got and fancy VZ grips.  I have the 14-3 wish I had a 14 with a full underling ( I think they look better). 

Aside from DR - if I were to use the revolver for a center fire agg, is the Colt designed to shoot a different bullet more accurately than the 158?

Shoot the k38 with 148 hbwc for centerfire if you want. If your goal is just to go DR I would find some ammo that works for it. A thread is open on it.

The most accurate gun I ever shot was the Colt 38 OMM. 

Compare OMM and K38 assuming good condition and target configuration
accuracy = OMM
Trigger = OMM
Thumbing single action = K38
Availability, parts and service = K38
IMO

I shoot a Colt Officers Model Match 6". Very accurate with every thing I've shot through it. It has a faster twist rate than S&W revolvers so it's better with heavy bullets, ie. 158gr. I looked at a lot of guns before I bought the one I have. What sold me was it had the best trigger and the easiest hammer to cock. But if you can swing it, the real treat would be a Colt Diamondback 6" in 38!

If cash is no object a Python is the bees knees.

Is this a legal DR replacement rear sight?

http://www.midwayusa.com/product/840433/kensight-adjustable-rear-sight-elliason-cut-steel-black-square-blade-fully-serrated