Number one, be very careful sliding your peep while there is tention on your string, some peeps can cut your string. It's always best to press your bow before doing so. If a press isn't an option then do so with caution. I assume you have to slide your peep up, what I don't understand is how your peep managed to slide that far?
In any case I would suggest you go to a pro shop and have them tie your peep in. If you are in the Edmonton area I would suggest Jimbows or Accurate Archery, I would not recommend trophy book as I have seen the work done on bows from there and would never let them touch my bow. I have a portable press that I do a lot of my own work with, anything I'm not sure about I usually take it to Lawrence at accurate archery.
Another thing I might suggest, I'm not familiar with the IQ sight, but can you take the head off and flip the mount bracket around? Either that or move the sight closer to the riser. I can see you not really wanting to do the later though.
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