I believe you have tightened that bolt way too much. That bolt just holds the tailpiece at the edge of the tension hoop. It is not intended to exert downward pressure on the tension hoop. You can remove the bracket and reset it to a 90 degree angle in a vise.
I use mostly No-Knot and Eilte tailpieces. I rarely do anything more than finger-tighten the tailpiece. If I take all the strings off, the tailpiece usually falls off the stretcher band.
One thing that makes it easier when putting strings on a No-Knot is to put the loop over the knob, pull the string toward the tuners and then stick it to the fingerboard with a piece of masking tape. That way you're only dealing with one end of the string at a time.
Thanks everyone! I reached out to gold tone directly to see if they could send me another tailpiece bracket or tell me the threading size so I can get one fabricated. It's a banjo from 2009 so it needs a little love
There is no thread on the tailpiece bracket. It just has a hole that goes over the end of the rim rod. The hex nut is threaded onto the rod and holds it in place. It would probably be better, and cheaper, to replace the bracket. Once you try to straighten it then it will be weaker. And don't tighten the tailpiece as much.
Or, just leave as is -- it works. Nut on the tailpiece bolt finger tight only, as others have mentioned.
Plus, logically, if you're going to replace it because it might break if you straighten it, then go ahead and try to straighten. If it doesn't break, you're ahead of the game. If it breaks, then replace it.