Yes, that is how it is. You would use the original wrench is always handy because if you're using rocker tool post that these came equipped with originally, the wrench is probably parked right on top of that.
There is a newer "no tools" design, but unfortunately it's not a drop swap, and there is some drilling and some (a lot) of precision required.
I've got a notion (I havn't done it yet...) that I might actually make a new bolt for mine, so after it's made, after it's installed, so that "clock position" can be attained, to cross drill the head for an inch and a half or two inch pin to do it by hand. 45 degrees of travel is plenty generous to ensure an adequate amount of rotation. That pin would have to be installed in place though, and removable, it won't go all the way around if that ever needed to be removed for service.
What you've got there would work fine (and possibly better) than the original, as the original is awful close to the guard/plate thing that has a proper name which I don't know... But it can interfere with some of the Armstrong wrenches, depending on the design. Your "extended" bolt probably clears that alleviates that nuisance.
I'm not sure what you've got going on with the washer situation under that bolt, but if you had a full sized proper washer under that arrangement, up against the lever for a better bearing surface, you'd have a functionally sound solution, until and unless you put an original bolt in there. Which is square, and works best with an original wrench.....
it just needs "snug", not tight. This is not something that you crank down on at all, there are no "tangible" forces on it. It will move out of place without the bolt in there, but not forcefully.
