That will take any 'Slop' out of the cylinder up and down movement. I'm pretty sure that Belt Mountain (which does come Highly recommended) makes one a little larger than factory Ruger pins that should fit with no lapping and then one you might have to do a lot of work with.
If you're going to buy new base pins, get ones that are a little shorter than factory. They are shorter at the knob on the front of course. That way they'll come all the way out without removing the ejector housing and also you have more room to work the ejector rod.
They tighten up the cylinder slop, they also look good. They can help and also hurt group size, depends on the gun. They can be had with a set screw so the pin don’t flay out with heavy loads, some times if you torque the set screw to tight it will bind up the cylinder. They also have the Bowen stile and it should be installed by a good smith. I have them in most of mine and like them.
Yes, I shorten the knurled part so I get a longer ejector rod stroke. I use a alien wrench in the set screw to help get the pin out. The shorter pin comes all the way out with out taking the ejector housing off.
If you're going to make an order from Brownell's, go on and get a Base Pin puller too. Always good to have. If you are not going to drill into the barrel for the setscrew. DO NOT tighten it very much. That's what binds the cylinder.
Also, get some Action Lube to use on the base pin, Not Oil! And Why not just buy the Sheriff’s model anyway so you don’t have to saw and grind it?
BH, that is the same pin that I used for my Vaquero. No, you don't have to use the set pin. I don't. Just the slightly larger diameter and better fit solved the problem of my base pin jumping out with moderate to heavy .45 colt loads. My Vaquero's factory pin made the gun unusable with anything other than light cowboy loads.(pita) The Sheriff's model isn't too short, just the part that you grasp for removal is shorter. The rest of the pin is the same size.
Just to make things a little more complicated LOL, the base pin hole in the cylinder and frame "Should" be .250". Therefore the Belt Mountain pin at .2495" dia. should be a drop in fit and take up all the lateral slack in the cylinder.
Ruger is known to sell revolvers with holes in cylinders as well as frames anywhere from .2475" to .251". Belt Mountain sells base pins for Rugers at .2515" also.