Peep Sight
Having more years experience with peeps than I wish was true, I have a few comments.
My first peeps were first on my dad's 46B Mossberg .22LR then the tangent peep on my prewar model 12 Martini Henry .22LR. In both cases, I would get my eye as close to the peep as possible, indeed, scratching my first pair of eye glasses. In both cases, I used a fairly large aperture and the peep cut out all vision in my right eye, thus teaching me to leave the left eye open and concentrate oin the master eye image.
As I progressed, my next peep, a Lyman 57 on a sporter P17 .30-06 (that was the peep expoxied later toi my 1885 Hi-Wall on the EE here a while ago) and needed to have about 3"-4" spsce for recoil. With this space, I needed a fairly large aperture.
Now, unless my knowledge of the Nagant is wrong, you have this peep set in where the open sight normally woul be, a fair distance, up to perpahs 14" from your eye. As Andy has said above, with such a pseudo-peep, it is really akin to the old buckhorn rear sighte except is is a circle not a U.
And you need the aperture just larhe enough to be able to see the front sight through it. This is why above, I am calling it a pseudo peep. A true peep, as close to the eys as the recoil permits, should be looked thought and not at.
The eye will automatically center the front sight for you in the center of the aperture, and it is better to have the aperture too large than too small.
Hope that this helps.