My original forend bolt was kinda messed up on the first three threads so I wanted to replace it anyway. I didn't have access to the thumb screw shown but found a plastic knob at Ace Hardware for a couple of bucks. I put the knob on a drill press and used a rasp to cut away at the same angle as the original machine screw so the knob would actually go up into the forend. Then, I cut off a 3/4" stainless 1/4" x 28 bolt and put the cut off end into the plastic knob, it's held in with a set screw. I will probably fill it in with epoxy eventually but the set screw holds it well for now.
Total investment was $2.43 for the plastic knob, $0.35 for the bolt and around 15 minutes of time.
You can see another knob I bought with another bolt but it's a slightly different size and shape from the one I used, I haven't decided whether to make a spare or not.
It looks as if it will really get in the way but even putting my palm right over the plastic knob it doesn't bother me. I could still take it down another 3/8" and still be able to easily rotate it with thumb and forefinger.
Dan R