That one has to come in and out every time you change feet. I think it would quickly become a pain to have to keep painting it. I won't recommend over tightening it either. You don't want to damage the threads in the presser foot bar.
Does anyone know if it's the same as other full size Singers of the same time frame like a 401A?
If so, I can check and see if I have a workable replacement. I have a couple machines that are just parts machines at this point. If I have one I''ll send it to you.
Rodney