Yer gonna die! But seriously I would not leave that as-is. Try loosening the screw, if you can get it to move, then try tightening. If you are able to get the binding sitting flat on the top sheet, great. I would then remove the screw, swirl a little glue of your choice around inside the hole to coat the threads, then carefully reinstall the screw in the existing threads. That way you're water tight again.
If you're having trouble getting the screw to move, carefully heat the screw head with a soldering/wood burning iron in 15s increments until it will turn.
If you can get the screw to turn but you can't snug the binding up against the top sheet, you might need to pull the entire heel to make sure the topsheet is flat.