There were different elevators used for the 94's. In Madis' "The Winchester Book", he mentions that the earlier type elevators had steps in 50 yard increments from 50 to 300 yards, tho I believe the steps only add up to 250 yards when started at 50 yards . I believe they had different elevators for different models. Some are identifiable by the patent dates on the side of them.
Yes, different bullet weights change the equation. Early ammo was 160 grain. I don't recall when they went to 170 and 150 grain loads.
Earlier rifle style sights had a sliding leaf in the rear sight to allow zeroing it for a particular step in the elevator. Later sights had the rear face of the sight adjustable with 2 screws.