You are in a good position here, since you can access both ends of the screw and try these various ways to free the stuck screw. You may know them all ways to remove a stuck screw, but in case you do not, try these in order.
Very first thing to try is to spray down the area inside and out with an aerosol penetrating oil. You can even turn the barrel assembly over and set the top strap in the oil overnight. Reapply several times then try to loosen the screw.
Very important that you find a screwdriver that fits the slot perfectly spanning the entire width of slot and a tight fit to the bottom of the slot. I have often reshaped old screwdrivers to perform this type of a task.
One can also put the barrel assembly in the oven at 300 degrees to help the oil penetrate better.
Next option is to heat the screw with a soldering iron. Do this a few times, letting the screw cool between sessions. It can often force the rust to break up around the screw. I have even put the part in a freezer and take it out after it has reached zero. Apply the heat to the screw until the oil smokes. Immediately try to turn the screw.
Next option is to try and upset the threads. Place the frame in a padded vise and take a screwdriver, placing it in the slot. Using a hammer give the screw a few blows and try turning it out.
Last resort for me is to make a hardwood jig that will hold a screwdriver in a position that allows you to tighten the screwdriver against the top-strap. This allow for the most leverage available on the screw by preventing the screwdriver from slipping out of the groove. With the frame tightly secured, try to turn the screwdriver that is forced into the slot. One can also use vice grips on the screwdriver to get more leverage. This will only break the screw free, but you will have to take everything out of the vise to fully remove the screw.
With these options, I have only had to drill out one screw in the last many years, so good luck with your adventure.