A good soldered connection will likely do as good and better then the screw holding down on the wire, so why not "go for it" unless you wanna (after drilling out if you dont trash it lol) use a small screw and nut or re bore n re tap the hole. Unless theres a short, as long as you break only one of the hots the motor wont run nor will there be any current draw, although I always used a 2 pole breaker/switch/contactor to open BOTH hots to turn off a 240 volt motor.
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