I had thought if gluing some kind of half shell bearing into the magnet with the same radius as the screw head, but I'd never find one that's perfect. I've just looked up the tape you mention and it looks a possible "proper fix". When you say "a bit of heat" what are we talking... hair dryer heat?
The Moly slip dry lube has arrived. I sprayed both components and left to dry for an hour. When together the grey sprayed area of contact immediately gets rubbed away leaving metal on metal again. Am I missing something? It doesn't say how long to leave it to dry, maybe it needs longer? Maybe the film is invisible and I'm being led by the grey disappearing?
@terryd - found I had the same Finish Line bike lube in the garage so I'm trying that too.