Yes you can replace it. I use a table top arbor press and a pin adapter from a hobby gear puller to push the pin thru the head. Use a liquid penetrent, and refrain from using heat. Heat will make the head brittle, and when you install the new pin this will cause the thin metal head to split.
To install, I use the head of a socket screw to cradle the head, and use the force of the arbor press to push the pin thru. Im sorry, but I forgot the size of the socket screw. It was either 4-40 or 6-32. One has just the right height to cradle the head and center the pin!
The pins are actually 3/32x3/8 steel dowels. I recently purchased a bag of 40 for $11 USD on ebay.
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