Lightening; You're right, if and only if the gun is improperly dimensioned, as I stated i a previous post. The front of the arbor is supposed to bottom out, hard against the end of the blind hole in the barrel. Hence, overtightening or undertightening the wedge a little bit can only change the linear forces on the arbor.
That being said, there are a lot of improperly fit Colt repros out there. It is a relatively easy fix however.
You can test the fit by slipping the barrel as far as it will go over the arbor while rotated, so the frame pin/frame interface portion of the barrel is along side of the frame, rather than against it (remove the cylinder before doing this). The part of the barrel that normally butts against the frame should overlap the frame by only a few thousandths of an inch. You'll find on many Ubertis, for example, the barrel/frame interface will overlap the frame by far more than that-- a sixteenth or more. The arbor is too short, or the frame interface at the bottom of the barrel is too long. Installing the cylinder, pushing it all the way backward against the frame, while doing this test again, will tell you which. You should be able to bottom out the arbor and; a; have the correct cylinder gap and, b; have the barrel's frame interface no more than about ten thousandths overlapping the front of the frame.
This is where the confusion comes from, causing people to say that wedge tension is how you "adjust" for cylinder gap. That is true only if you have a misfit gun. In fact it should be impossible to alter cylinder gap (and POI along with it) by altering wedge tension until you get to the point where the wedge is going to fall out from being so loose.