That is a nylon screw. You can cut a longer one to length.@Project_Mayhem, where did you source part #3: 1/4-20x3/8 screw in SS from? My local, and very well stocked, very extensive hardware store does not have anything short enough.
Also, my drum appears to be well set to the turnbuckle tube. I think what you’re seeing is the Swivel Top (part 9 in the diagram) free spin on its bearings.
Speaking of bearings - do I risk a bunch falling out when I lift the unit to inspect the turnbuckle?