RA - I really like peep sights for accurate shooting. But for faster target acquisition I think open sights are better. I know Lyman makes a peep for the T/C Hawkens and Renegades but I'm not sure about the Seneca (or Cherokee). If you get one you may have to do some drilling and tapping of the tang.
Another option if you are willing to take it and you have the space is to take a small needle file and file the notch in the rear sight down. Once you get it where it is hitting where you want it is to file down the top of the sight so your "V" isn't as deep.
But I'd first try dumping a higher charge like Lee said.