I am sitting here thinking about the trigonometry of everything. How would shimming the breech up from the tube help, It seems to me as if the problem is in the breech -barrel- red dot mounting. Shimming up the breech would not change that , UNLESS it would make the barrel band push up on the barrel. I tried the same sight on a HW75 and it also showed a poi well below the point of aim, I may slip the sight onto my FWB 300, and see how it performs there.
Odoyle's recommendation is another way of stating what I said earlier...
Also check that the breech is sitting flush to the air tube. If the transfer port isn't fitted correctly and causing the breech to lift at the front, and the barrel band is then pulling the muzzle down, that would explain why your sight and barrel are so divergent.
Likewise, lifting the rear of the receiver may place it on the same axis as the barrel...that is, both of them angled somewhat downward.
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