Definitely! That screw controls timing advance. Without advancing timing in synch with carb opening the engine simply will not make power. There should be two plastic blocks with the screw in between. The screw is reverse threaded on one side so when you screw it in or out the blocks will open or close to advance or retard base timing.
Once you re-connect the timing link, retime the engine to 28 degrees before top dead center at wide open throttle at cranking speed. Remove and ground all 5 plugs so you do not damage the CD boxes. Connect a timing light to the top plug wire. Crank the engine. There are three marks on the flywheel The center mark is 30 degrees and the mark to the left of it is 28.. When the mark lines up to the mark on the block pointer (above the top carb) the timing is correct.
Chalk it up to old age! I was thinking right but typed left. The flywheel rotates clockwise so anything to the left of TDC advances the timing. 28 degrees is the line to the right of the center mark. Sorry!