wouldn't the sharps round have a lot less drop though?
No, the Sharps buffalo rifle fired a big ol' cast lead bullet at a lower velocity with a black powder charge. (Someone help me out with the particulars here.) The .308 (civilian nomenclature) has a muzzle velocity of about 2400-2600 fps, faster than the sharps. Thus it will have less drop at any point of impact.
Try this link Buffalo Cartridges of the American Frontier