The Ultimak with standard AK iron sights, std AK handguard, provides for a lower 1/4-1/3 cowitness when using an Aimpoint Comp M3/Pro and an Aimpoint low mount. It is solely meant to be a back up in emergencies, not an absolute co-witness like on an AR.
I would just run it like it is. You'll be fine without 1/3 or absolute co witness.
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