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I added a picture to my post to help visualize the issue:
https://drive.google.com/open?id=0B9Ejm1yL02AGOTBGczF3QUtPaWM

The drill bit is used only as a means to apply torque to the end mount in order to bend/straighten the sheet metal underneath and correct the tilt. If the misalignment was in the other axis, then yes, opening up the hole a little would allow me to rotate the end mount into position.