What I actualy have is a 044 1/2 that I picked up a couple months back.  The lever drops about 1/8-inch when closed with no crtridge in battery.  Its a 25-Stevens rimfire so I don't have a case to check it with.  However, it does lock up as tight as a bank vault if I close the breech on a slip of paper.  Is this normal or is it a sign of wear?  If the latter, how would I fix the problem?
 
Also, I have looked high and low and cannot find an exploded view of the action and I am hesitant to work on it without one.  Can someone help me out with this or describe how the action comes apart? 

Many thanks again - your thoughts and advice are appreciated.

Jeff

I believe that the spring and plunger, numbers 23 and 24 in the above exploded view, should prevent droopy leaver if they are functioning correctly,

Note that 25 is a pin and it is held in place by a small set screw which when backed off (no need to go all the way out - it gets lost easily) allows the pin to slide out to the right. Then everything else comes out the bottom. Do yourself a favor and make a slave pin the width of the block to hold the extractor in alignment while you put the lever pin back in. I just wacked a piece off the shank of a drill bit the right diameter to make the slave pin.

Looks nice from here.

.25 Stevens rimfire ammo is so long out of print that NOS ammo is going for $2.00 to $2.50 a round.  

Depending on your level of dedication, a good replica can be made from .17WSM.  I've finally got that working, and can walk you through the process.  

I'm also waiting for a kit to reprime spent cases.  Reloadable rimfire!   Who'da thunk it! 

Alternatively, of course, you just rebarrel it to .22LR.  

Might also add the Steven's 441/2 is a very strong action and unlike the 44 that is better suited for a 22 long rifle chambering and not so for the 441/2 that can pretty much be safely chambered for quite a few of the center fire cartridges. That is exactly what Stevens Arms designed  the increased strength for and all of the cartridges the 44 was not strong enough for but were then offered in the 441/2 to keep up with the those offered in the Winchester 1885 and others as well.

Another pic.  That screw appars to be the set screw previously mentioned

Looks like it is dead center in the first pic between the lever and the link. Once you loosen that set screw and push the lever pin out and drop the lever it show be more obvious.

Yes.
Lee Gibbs pres.ASSRA