I'm positive its not screwed in, its hammered hence the knurling, and the other side has the telltale signs of being hammered. The major sign is the leaf is slightly bent inward, secondly on the actual knurled piece shown had major marring on the back side as if someone tried to make it flush using a pin punch.The piece that I see looks like it is knurled. Is there any chance that it could be an aperture from a target sight that has been fitted into a threaded hole on the other side of the sight? Maybe it is screwed in, not hammered? What does the other side of the sight look like?
I am also a believer in K.I.S.S which is why I'll probably make good use of my drill press now and fix this failed modification.Being a big believer in the mnemonic K.I.S.S; I'd just get a new sight leaf and be done with it............ Then if you really do want a smaller aperture, just bush the rear ocular hole of the old leaf - but properly!
I never would have known about the battle aperture, as for replacing the sight I probably won't any time soon, it works on the rifle although now that I think about it, it is kinda silly having a LB sight on a fazakerley rifle. Anyway thanks for the replies and confirming my suspicions now I can get to work on getting it back to near original conditionYour sight has two modications. The battle aperature has been openned up to a larger size. LB's have a very small hole. It appearas a correction was attempted by adding a fixed aperature to the slide's interior to reduce the aperatue openning which now limits the elevation travel. LB slide is a special as well. Brit parts aren't interchangeable. Your best bet is to replace the sight.