I think that is the same rifle I had seen that sight on before. I think the sight was designed to be used as pictured. Note the little knurled round segment just behind the sight? I believe that piece rotates on the magazine cut-off spindle and acts as your bolt release. If mounted on the other side of the rifle the base would interfere with the bolt handle, or the slide would cover the stripper clip slot. Although, as it is I would hate to get my finger between the bolt handle and the right side of the cross bar in the middle of a rapid fire string.
The most interesting thing to me about this rifle is the streamlined tang, and rounded front of the receiver ring. This work does not at all match the poor quality of the stock.
John