Aligning front and rear sites to aim
I recommend checking online for videos and forums to assist you in setting the sight for your rifle. With each rifle and barrell, it will differ on how the sight is set and someone with more knowledge may be able to assist you.
Assuming you mean a Mauser 24/47, use the sight as you would any open rifle sight. The slider on the rear sight adjusts for range- marked in meters.
You sight it to a specific range , e.g. 100 meters. Clamp the rifle to a solid object, or use a benchrest. Shoot at a target and adjust the sight accordingly, until the holes in the target zero in to the sight.
Should be a Stevens rifle, but the peep sight would probably be aftermarket. If you can send a digital picture of the rifle and a closeup of the sight we can probably ID it for you. sales@countrygunsmith.net
adjust rear sight up for distance
The same as you would any other rifle.
You need a gunsmith.
No
To sight in a rifle without shooting, you can use a bore sighting tool or a laser boresighter. These tools help align the rifle's sights with the barrel, ensuring accuracy when you do eventually shoot.
Fire one round, note strike, adjust sight to that point, fire again, repeat.
Shoot rifle. Note difference between point of aim and point of impact. Elevation can be adjusted at the rear sight. Windage (left/right) may be SLIGHTLY adjusted by tapping the rear sight in the opposite direction.
The owner's manual has instructions.