As long as the cylinder turns freely, to me, the less gap the better.
The major difference between the Colt and S&W is the rebound mechanism, but both do what they're meant to do. Even though it may not look like it, the S&W still has to go through similar operations to work. The Colt is a good gun, just different than a S&W.
Also, you can still stone a Colt, the same as a Smith, to improve trigger pull, etc. They're both well built revolvers.