Nice Krag, and great looking repro sling. Most original slings to be found are completly rotten. How about a range report?
As for the flip over sight, here's my answer from another forum:
The norwegian army issued a 139 grain boattailed spitzer projectile in 1925. The new ammo had a velocity of 750 m/s, and was called "D-s****", the old one was "B-s****" (s**** means point or "spitzer"). Tests started with a new bullet from NORMA in 1910. Johan Enger, one of the brothers who started NORMA was also one of the leaders of the norwegian shooters movement. He had Krags fitted with scopes and set up trials for the army in 1905, wich resulted in a Krag sniper adopted in 1910 (1000 snipers were made). http://digitaltmuseum.no/011022714744
The tests with the new bullet were very positive, but the long rifles and short carbines got different POI. The development of a "short rifle" started at the same time. The result was the M/12 carbines. The ammo question was postponed until the M/12 was finalized. Then came WWI and things were put on ice again, but finally in 1925 the new round was adopted.
Those of you who have a M/12 Krag carbine can flip the rear sight ladder forwards. You'll se a sight notch on the underside. This is a 500m battlesight. This is the point were the trajectories of the old and new ammo meet.