If youre going to mess with the rear sight, make sure your paying attention and do it in a large zip lock bag. There is a detent and spring in there that can and will fly off if youre not careful. They can also be a bitch to get in too.
If youre going to replace the screw, you will also need a new nut too. Youll probably need the tool to tighten (not really "tighten", just screw in) it too. Brownells has them, they arent real cheap, and they are fragile.
https://www.brownells.com/gunsmith-...smith-wesson-sight-nut-spanner-prod25408.aspx
You basically shear the old screw off in the nut to get it out. Dont try using the tool to back the nut off, youll just shear off the little prongs that go into the holes in the nut. Ask me how I know.
Theres a reason they come two to a pack. Youre going to break the first one right off.
Ive replaced the leaf in a couple of rear sights now, and it was sort of a PITA, and Im not going to get into another unless its absolutely necessary.
If it were me, and you can get the sight zeroed, Id try the red locktite first.