I replaced the plug on the bottom of mine, couldn't get a rivet to go flush with the mast, so left the rivet out, and haven't had any issues (that I know about!) in the last two seasons... so my guess is it doesn't do too much..
I had the same problem. Had to drill a a slightly larger "divit" in the mast tube for the rivit to fit flush. I've heard at least one nightmare story about this part getting stuck in the bottom of a mast step.
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