4. Twist the string to get the peep rotation corrected
There... someone beat me to it. I saw your responses this morning, but was cutting it too close to being late for our district meeting...
I was gonna say -- I doubt you'll need a new string, unless you've somehow cut it in the process. Aligning your peep back up is a simple matter of putting a twist in. No way you should need a new string yet, and especially not just to re-align your peep.