Yes its the correct arm but its missing the set screw that secures it to the rangefinder shaft so ask them about it before purchasing. Its a 5-40, the origonal is 7/32 long with a 3/16 hex head but a 5-40 set screw 1/4 inch long should work.
The shaft of the rangefinder has to be turned inward and the arm attached to the shaft and the set screw tightned with the arm just before touching the camera body with the rails fully retracted into the body. Late versions of the rangefinder have flats on the end of the shaft, earlier versions do not. This is not an easy task.
https://lommen9.home.xs4all.nl/kalart main page/index.html (new approach to asjusting) has an approach to doing this. In step 2 he states to set the brass cam to 9mm from the edge of the rangefnder case. I have found this to be in error as some rangefinders require 9.5mm for the mirror plate to seat properly and others to need 10mm clearance to seat properly.
I strongly suggest you disasemble yours, clean all parts, then put a trace amount of light machine oil on the movements. The movements should seem to float with light pressure applied. A sluggish rangefinder is a PIA to try to adjust.