Ron,
Take a look at this site, it has info on the standard gear but all drawing of the no bounce.
Sounds like 1/2 inch of strut showing is low but the most I see is 3 fingers. The springs might have taking a set this was a problem with some of the replacement springs that should have been completely compressed and then the ends ground to the proper length by the manufacture.
With the airplane setting outside lift up at the wing strut and then let it drop should have some cushion if not then you might need to service the oelo for hydraulic fluid.
First go to the site below and read alittle then you might see if you really have a problem.
Will check on a picture or two.
http://www.hangar9aeroworks.com/Aeroncastrut/Aeroncastrut.html
Mikek