This is a great camera worthy of being serviced...it's on the same playing field as the Olympus 35SP...
I have owned at least five of them and currently have three in good working order (Olympus 35-S II 4.2cm 1.8)...one is a parts camera (48mm 2.8 lens) and the last one was given to another RFFer to repair their 35-S...
I will also say that all the cameras I have were not working when I got them...now they are...
I truly doubt that the lens is getting ready to fall off due to a loose screw...there's more involved to removing the lens...most likely there are loose screws and some fine tuning needed to get this little gem back up and running...
The focusing ring may be what is loose...that is held on with three very small set screws or the top half of the lens may be loose also causing you to think that the lens is about to fall off...I've removed one of these lenses (twice) and they just don't fall off...(I have also sworn myself to never, ever remove another one)
If you can provide pictures of what you've got going on there this might help in explaining what you need to do next...
The rangefinder alignment is a somewhat easy fix and the adjusting screws are accessible by removing the plate/cover on the flash mount...
I taught myself how to work on these cameras through some trial & error and finding all the info I could on-line...you don't need specialized tools just mostly small screwdrivers...
I do agree with Blanc that some of these problems could be due to "amateur servicing" but unless they really screwed up this could be salvaged and put back into use again...
To me the camera is worth repairing due to this great lens mounting on it...I have many photos that I know were taken with this camera because of the signature look of the lens...
Good luck...let me know if I can be of any help...
