Cutlass: what's it misterious screw?

Are you talking about the grub screw underneath the trem arm cutout, or the big screw near the bottom right of the block?
 
The big one holds in the clip that keeps that tremolo arm at the right height, the little one controls how loose the arm is when you use it. You never need to touch the big one. Feel free to adjust the little one to your liking with a 1.5 mm Allen wrench.
Thank you so mutch!
 
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