The guard was to the front of the trigger guard, directly below the cylinder. You'd have to modify your firing position a bit in order to hold it long enough to get a good sight picture.
If I remember correctly, the guard was at the front end of the bottom of the frame so that it was towards the middle of the cylinder. It looked like, as long as you kept your hand correctly positioned, you wouldn't get much more than a good flash burn or some splinters if it did chain fire.
So far, I haven't found anyone willing to test this theory.