You could also switch a to a peep that splits the string in two or 4 sections. I don't really like the ones that split it three ways. Or you could go with a rubber cord to align the peep. I'm not real fond of those either.

The low light condition can be solved with a larger peep hole or using a peep replacement like the NO Peep or Hindsite.

I agree with Gibblet though, I think it's time for a new string. A twist may help your situation for the time being though. Using a string loop doesn't hurt either.

Paul