For our black powder shooting, Taylor's mention of the height of the sights is a very important one. A similar effect comes from a 6 o'clock hold in this instance, as this was Canute's method of sighting. To hit 4" high at 50 yards, the ball would be approximately 2.2" high at 25 yards, not zero'd. From my own testing, I know most of my rifles, if zero'd at 25 yards, I mean actually zero'd, as in the horizontal line disecting the centre of the group, they will be no more than 1/2" high at 50 yards. With normal sight height- raising the barrel or lowering it slightly, 20 degrees makes not enough difference to see on the target - perhaps 1/4".
Suffice to say that shooting uphill or downhill, the shot will go high. The higher the sights, the higher the ball or bullet will strike.
Dan also spoke of shooting squirrels up in a tree - with the barelycorn-type sights, set low on the barrel, he also is spot on.