I don’t know the technical name for the bolt, pivot bolt? But most of that style of QCTP I see has just a nut on it. So the Allen head would be an improvement as far as clearance IMHO As there’s not much clearance between it and the height adjustment. Personally I’d make another bolt with a head like the locking stud uses so I could use that same handle on both of them.
My clone came with an AXA style QCTP and they made a nut with a handle on it. It works but having two handles so close together took a little getting used to and sometimes it interferes. Yours the handle isn’t attached so it would be easy to swap.
The unmodded thing on my 9x20 clone was the nut on the tailstock lock. I took a camlock kit meant for the 7x lathe tailstock and adapted it to my tailstock. Made life so much easier as I move the tailstock a lot!