It may be a "clean out screw" but why mess with it? I never took mine out, never neglected to clean my guns either. Hot soapy water was always enough to get the whole flame channel clean.
If the gun is in good shape and fires fine, I'd leave it alone.
If you are OCD and just have to have it out

the best penetrating oil I have used is Kroil. I use nothing else.
You'll have to order it from the manufacturer, or Brownells. Some better gunshops stock it, but it's around $20 a can. It does stink a bit too.