G Dog,
the main thing is - it's best go to 1/2 cock any time you're going to touch the cylinder with the off hand. The big "no no" is just pulling the hammer back "far enough" to do so and that's when "stuff happens".
As far as letting the hammer down from 1/2 cock, there's no damage to anything unless the cylinder is turned after the fact which will damage the cylinder. If you're putting it on safety, (as for bp revolvers or even between case heads on cartridge guns) you kinda have to do it from 1/2 cock because you can't turn the cylinder if you go to full cock first.
The 4 click Colt action has a safety notch you could stop at on the way down. Bolt reset should've already happened and at that point you could go back to 1/2 cock and rectify the problem load, unload or locate the empty chamber.
Mike