My first build had low HC diminutive silver blade. I didn't believe that the mirage could possibly be a problem on the big heavy octagon barrel on a slow loading muzzle loader, till my first session at the range. It was a February day with temps in the 20's and I was trying to work up a load. After only a half dozen shots I realized it would be impossible to shoot a decent match score with these sights. The front sight was dancing all over the place! Back to the bench to make a set of ugly, but practical tall sights. I agree that the teeny sights look better and if I were only going to hunt Indians and game in the deep dark frontier woods, or hang it on the wall, I would build them all that way.
The few originals I have handled had the small sights and the sight picture was foolproof. What I mean is that it is impossible to take in too much front sight. Think about it a minute. With a tall sight you can potentially line the sight up in the rear notch with some of the front sight above the notch and over shoot the target. In fact I use this in range shooting by filing two angles on the back side of the front blade. This determines how much of the sight I hold above the rear notch for 100 yard shots. With the original style sights and man or deer size targets you would have instinctively learned how much to hold up for the range. About the only time mirage from barrel heating would have been a problem would have been in a siege where repeated loading and firing from behind the fort walls would have allowed barrels to heat up. In Wills DeHass' book "History of Early Settlement and Indian Wars of West Virginia" he makes reference to some of the women in the forts "cooling" the men's rifles between shots. Perhaps this was to help combat sight mirage?