Well, for starters I realized that the hand wheel was not getting far enough onto the tilt screw for the set screw to rest on the flat section. That will be remedied immediately.
Also, I ordered a new hand wheel for the tilt screw as it was pretty mangled up. As well, I ordered new cup set screws and Locktite blue to put them on with. I will do some filing on the flats and clean up the rest of the shaft. Between that and the new set screws I am hoping that will fix the problem. I'll reply back with the verdict!
I sure do appreciate all of the help! I have been doing rough carpentry for years (mostly as a side job, I am primarily a school teacher) but have recently devoted (perhaps been converted) more time to true woodworking. I look forward to coming by here more often to gain from this wealth of knowledge. Again, thank you!