Re: whats this part called?
Edge Pro - $270 new.
Gotoh FR - ≈$200 new.
String lock - $4 new.
You guys are right, he's better off replacing the entire trem. LOL. An RG350 costs about $400 new, you're suggesting he replace the trem with a trem that costs over half as much as the entire guitar rather than replace a $4 part.
My kid's RG350 has an Edge III. It's not a LoPro by any means, but it's NOT junk. It's a far better trem than a lot of the other Floyd copies. The thing I hate about it is the way they made the trem bar have a set screw to hold it in place. Dumb. But functionally, it's decent and definitely workable - stays in tune, returns to tune, etc. I'd only replace it if I just had a spare laying around, I wouldn't run out to buy a replacement.