I measured the actual difference between the 200-800 yd gradations on a No. 4 & No.5 Mk1 sight. The difference is significant (it's hard to see on the photo on post # 18. Note: the difference between the two models really has nothing to do with the # of clicks on the screw.):
-- No.4 = .275"
-- No.5. = .250".
-- The distance from the hinge pin to the 200 yd gradation is the same on both models, indicating that from 0-200 yds both guns aim the same.
This means the two sights are significantly different beyond 200 yds. The designers were compensating for the different barrel lengths/different muzzle velocities, etc.
In other words, use a No. 5 sight on the carbine, not a No. 4 sight.