yeah I believe that "tit" is what helps angle the clip on straight... I don't know if it has anything to do with stopping the clipon from twisting around the fork though.
I know Trip's brother broke that off on my bike when he low sided... and he was still able to ride home... but I don't know any more than that.
I'd try tightening it lowered so the "tit" clears... and see if the clipon twists around the fork... if there is no movement... I'd say give it a try...
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