But your peep will likely be rotated out of position slightly with a 1/4 inch move. You might have to twist the string to bring it back into position, maybe even flip it over so you are adding twists vs. removing them, and readjust/replace your D loop because it will move with the twists too.
Good point...but if your peep isn't right then move it as you don't want to be making minor adjustments at the moment of truth.