I am no sort expert but my Aussie travellers were supplied with a retro fitted annex for our awning, their holes too have elongated, I believe it is fairly normal wear and tear, I sneak a look at other peoples awnings and see many have the same yoking of the hole. if the wind didnt blow, the sun didn't stretch/shrink the awning and the ground was always flat then the bows or A/T arms would go back in exactly the same angle with no pressure on the pin/hole.  One day I intend to fit a nylon washer.... one day.  If otherwise your ratchet is working, then it is working fine.  

I have removed mine to fit a new awning, watched several (yankee) You Tubes and despite all the dire warnings of impending catastrophe, it was quite easy and easily manageable.

Mr Google will tell you if the ratchet for you particular model is available.... most seem to be.

Good luck

Sarge