The noise may be the steering wires rubbing on the edges of the steering quadrant as the whole rudder slips down and the alignment changes . Once you are sure the set screws are loosened or out, adjust the rudder up with the top nut until the cables run into the quadrant cleanly and the tighten the set screws. I’ve sometimes found a second set screw on top of the first, presumably as a locking mechanism.
Paul Shield Yacht Sales Ltd
604-240-7310