Yes, the forestock screw can be used as a tuner like device to provide for front stock pressure. May shoot better without or with varying pressures on the barrel/stock combo. Try getting a torque wrench in in inch/lb and try 5-30 in/lb in 5 lb intervals. Wood will move during the seasons, so you may need to play a bit depending on the changes in the year. Make sure the rifle has been thoroughly cleaned and any coppering issues are eliminated.
FWIW, may be better to bed the rifle and free float the barrel to eliminate the screw all together if you are getting a lot of barrel contact with the stock. You will see wear marks on the barrel bluing where there is contact. Good luck. Great ol shooter you have there.