One never knows, really.
There is a great discussion, complete with spark-gap photos, in the TEXT BOOK OF SMALL ARMS - 1909 (HM Stationery Office, London, 1909, price 1/-) on barrel vibrations DURING firing. These are all using the old Long Lee-Enfield rifle as reference. Interesting point is that the Number 4 uses a barrel which is the precise duplicate of the Long Lee barrel, just 5 inches shorter, so much of what the book offers is applicable to the Number 4.
You would really be amazed if you could see the gymnastics that barrel does s it is being fired!
Using the combat sights on the Number 4 is a skill to learn. Learn it in combination with the discussions and illustrations in SHOOT TO LIVE! (available for free download from milsurps dot com), the brilliant Canadian WW2 marksmanship-training textbook.
I would go with the most ACCURATE load, bearing in mind that CONSISTENCY in loading is more important to many rifles than a single, precise load. Service ammunition used to vary from Lot to Lot and deteriorated at differing rates during differing storage. It was common for the Rangemaster or the team coach to hand out the issue of ammo for a certain target at, say, 300 yards, along with the instruction, "Hold 3 inches high". Holding high, holding low, it didn't matter which: if you know how big the target is, you can judge this very close..... and be right on the money. Your sights are there to get you more-or-less onto the target; they are NOT the be-all and end-all because there are far too many VARIABLES: the individual rifle, the temperature, the lighting, the ACTUAL velocity your ammo is producing, headwinds, tailwinds, barometric pressure and others. They ALL can have a bearing on precisely where that bullet strikes the target. Marksmanship, in part, is the art of doping them ALL into your sighting picture and then SQUEEZING that trigger perfectly.
Ganderite, on this forum, can give you some pointers on how to do it better than I can. He has shot these in the BIG Shoots, as has BUFFDOG and a few others. I had good training but never had the money to attend one of the Big Shoots, so never experienced the very Top Rank of shooting with the Lee-Enfield Rifle.