That isn't a good fix, Larry.

The screw goes into wood and has a job to do, which, it won't be doing in the 12:00 position. Better, without the use of blue Locktite, would be a shaving of cut, but not dry elm, wound around the threads near the start of the screw, to take up the slack and leave the screw tight in it's final timed position.
I'd use a drop of varnish when I reassembled it, not blue Locktite.

I don't think this gun deserves a halfway fix.


Best,
Ted