Ryan...yes, you use the same screw (I had to use a replacment, because mine fell out, but...)
The hole you drill out is the small one right in the front of the carb body, that the air gets sucked through...just make it a little bit bigger.
(also, just to be sure you don't get chips in the engine, you could take the carb off...that choice is up to you )

There have been several threads on the LA series...
More than a few of us have drilled the air bleed holes out...and more than a few have said that it's unnecessary...
I tried everything including 4-5 different glow plugs, different props, leaning the high speed out as far as possable, etc. etc.

Funny thing was...it actually continued to run until landing one time...and I said "hmmm?"
I looked at it and noticed that the air bleed screw was gone!

Jarrah...I'd say it's normal...because if the clunk doesn't slip toward the front of the tank, the engine's gonna suck air.
Quite often, if you do something like a 5-6-7-or more turn spin, the clunk will get un-covered, and the engine will pull an air bubble and quit.
You could use a more flexable clunk (fuel ) line that allows the clunk to go foreward when you're in a prolonged nose down attitude.