waterdogg:  Welcome to the forum.  If you post some pictures of your Krag, you will get some useful feedback and information.  I am not sure I understand your question about the Krag front sight base.  Original front sight looks like this picture:

you will have to resize  the picture or change the file format to reduce the size of the file as this site will only take picture up to a certain size there are instructions on the site as to how to post a pic and the max size that is allowed.

As you can see when the front sight was removed the previous sight has a band that went around the barrel.

waterdogg:  Your Krag (#62488) appears to be an 1896 Rifle that was cut down.  Your stock is a Krag Rifle stock that was shortened and slimmed down.  There is no telling what banded front sight was once on it.  It would have been commercial or 1903 Springfield style, but not original.  If it were mine, I'd enjoy it as is for hunting or plinking.  You can pick up a magazine cut-off for around $15.00 on ebay or GunBroker or at a gun show.  Cut-offs are not rare and any of the different Krag types will work.  The cut-off shaft serves a purpose and will smooth cartridge feeding.  Your present front sight is commercial and your rear sight looks like a Williams.  I think an 1896 or 1902 Krag rear sight would look better than the Williams, but you would have to invest $50 to $75 for sight and screws (and this assumes the two original sight holes are salvageable).  Your Krag is worth around $300 to someone wanting a sporter (and not easy to sell).  If you put more money into it, it will be worth $300, IMHO.  I would add the cut-off or an old Pacific K-1 'no-drill' peep sight (to improve sighting).

waterdogg:  The K-1 Pacific peep sight uses the hole for the magazine cut-off and attaches very securely.  It also fills the void in the receiver wall, left when the cut-off is removed.  This provides a smooth surface so that cartridges continue to feed without roughness.  The K-1 may require a slight notching of the stock for the sight to be moved to lowest elevation.  IMHO your Krag sporter may have an even more attractive appearance, if the forearm were shortened and the tip shaped like a Carbine stock, (this would require a wood plug to fill the exposed lightening channel).

I like the handguard. Does the rifle on the bottom have a band around the barrel on the front sight? If so what kind of sight is it?

yes unless you plane to sink a lot of money into it to restore it back to a rifle, anyone that knows Krags will know it is not a carbine just by looking at it without even measuring the barrel. it is a nice looking sporter leave it and enjoy it as is and look for one like you wont and then buy the one you would like to have. Use the one you have for fun and hunting.