I have one of those "clutches" mounted in the same manner on my kite halyard. They are not really clutches, but a single
cam cleat, with a lever.
I put mine there so that when single
handed I can raise the kite from the mast
by myself. Then I can go back to the cockpit
and pull the tail through when ready.
They are riveted together. I had the same issue, but took off the clutch, and using a suitable punch, tightened the rivets. Been fine since. That was about 10,000 miles ago....
So, you could try that, or replace it with a real clutch.