Channing, while your explanation is a good one on de-cocking the gun, it was first done to L.C. Smiths in 1886 and was a feature to allow Trap shooters/ live bird shooters not to loose a bird in forgetting to move the safety to on. In this position, the safety will not return to safe when opened.

The repair is simple enough, but to those not familiar in taking one apart have it done by a gunsmith that knows L.C. Smiths.
It is easy to miss the alignment when putting one back.

David