IIRC the intended purpose is to keep the timing high on deceleration.
if you tighten the screw all the way tight. It prevents the valve from finctioning and allows the poerted vacuume to function normally.
My 67 273 CAP 2bbl has been this way for decades. I also do not run the timing at 5 ATDC as the FSM says. I go with 0 deg because the vacuum pulls in so fast due to the CAP timing curve. Any more than that gets too much total timming