Yea... I would probably just tie strap it close...real close...that way if a cop pulled you over for something, he would probably give you a ticket because that is illegal. You could always tell him that you have been having trouble with the screw and that's why you tie-strapped it close. I would also probably use a computer (like I did) so you know what your speed is.. Then if a cop did pull you over, you could show him that you do have a form of an odometer and a speedometer.
Disclaimer: Don't think I am a bad person for thinking like this.. just a little preturbed for finding out that all this time (or since I bought it used) that I have probably traveled like 1000 miles but it shows more miles. Who knows how much more... When your selling your bike (to move up) it's not like you can tell the person, "oh, don't rely on the odometer reading.. I have a larger rear sproket.."