COL -
If the sight plane was identical to the plane the bore axis was on, then the two would never converge. The sight plane is slightly inclined so that in the distance it does converge with the bore axis at a single line (in geometry, a plane is a 2 dimensional structure with no boundries, a line is 1 dimensional with no ends... there is exactly 1 line formed where to planes intersect).
Bullets don't actually rise when they are shot... they are shot at a slightly upwards angle so that the bullet crosses the line of sight through the sights. This happens at 2 instances, when the bullet rises up past the line of the sights and again when it decends back down through that line.
Back bencher, the bore line and the sight line are not relevant. Its the bullet trajectory and where it crosses the sight line that matters (the bullet is affected by gravity, so you shoot it up through the line of sight (the sight line, which is not effected by gravit, so it is perfectly straight). Like I said above, this will happen twice, once where it goes up though the line of sight, and once when it drops back through it on its way to earth. Theoretically, you could adjust the sights so that the apex of the bullet path is exactly where it meets the line of sight, but fuctionally it would not work out as well as having the bullet pass through the line of sight twice. It would require your sights to be set so differently than how they were designed to be set that you would run out of adjustment at a much closer shot. You might not be able to zero at 100y, or maybe even 200 yards if the sights are set at the apex of the bullet arc due to adjustment limitations on your sights.