Bear in mind that both the threaded shank of the shutter and the flange are aluminum—not steel. The threads can be galled or otherwise damaged. So, the toque on the retaining ring should be limited to a safe value. I recommend applying a thin film of lubricant to the thread to prevent galling, screw the flange onto the lens to evenly distribute the lubricant, disassemble, then pass the lens shank through the lens board and fasten the retaining ring. I prefer a wax lubricant for this.
You can secure a shutter to prevent it from rotating relative to the lens board by cutting narrow strips of Scotch Double-Sided tape and apply them onto the front of the lens board in the area about the lens hole. This is a bit tricky to accomplish, but I have learned to do so.
Install the lens in the orientation wanted, install the retaining ring and tighten it firmly. The friction between the contact surface of the tensioned shutter housing, the tape, and the front of the board will anchor the shutter in place and prevent it from rotating relative to the board.
As you tighten the retaining ring, it’s important to use greater force into the ring than the torque applied to tighten the ring. This is to ensure that the tips of the wrench don’t slip out of the grooves of the ring and strip the grooves.