noob w/tripod questions

I recently bought a Bogen/Manfrotto 503 HDV head from a fellow in the marketplace and me being the noob that I am, is having difficulty mounting my DVX to the head. Do you just screw the DVX to the Quick Release plate using a 1/4" - 20 threaded screw and then you could just slide the plate in/out, lock&unlock for quick conversions between tripod and handheld shots? How long or short a screw would I need? I went to Home Depot and got some 1/4"- 20 screws but they're too long. Are there anything that I should look out for or avoid so that I won't damage my DVX in any form.

Also, I was playing with the 503 head and was turning the "fluid drag" knob on the left side and it somehow came off. I tried putting it back in but it just won't stay. Did I somehow broke it? I think that's where it affects the smoothness of your tilts right?

Just another NOOB looking for guidance.

Thanks in advance
 
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