IMO, the screw is there to prevent the 'head rotating in the reamed hole through the headstock.
There will be some slack in the fit of the locating screw through the metal lug. There will also be some slack between where the threaded parts of the 'head meet up and the surface of the hole cut through the headstock.
Assuming that the machinehead holes were drilled accurately by Gibson, it is possible to get each 'head on one side of the headstock square with respect to its counterpart on the opposite side. (E with E. A with B. D with G.)
Initially, install only the 'heads for the high and low E strings. Tighten these up 95% of the way. Fit the locator screws. Again, tighten up 95% of the way. Leave a little play to work with.
Lay a straight edge widthways across the headstock. Position the straight edge in contact with the key shaft housing portions of the two Grover casings. When both 'head cases line up wit the straight edge, tighten up the hex nuts. Finally, tighten up the locator screw.
Repeat with the 'heads for the A and B strings. Repeat with the 'heads for D and G.