On MOST modern bows you don't "RUN OUT OF ADJUSTMENT" without something else being wrong. I only say MOST, because I'm sure somewhere out there, there is ONE, but none that I've ever seen.
Hey Matt, this might sound a little redneck but here goes, could you grind the sight bracket down enough to make up for the 1-1 1/2 and use a little shorter bolt???
No that doesn't sound "Redneck," just uninformed. Why use a grinder for a job meant to be done with an ALLEN WRENCH????