If I understand what you're asking, yes, I've adjusted the shock when it is mounted like this. Bike on center stand, no weight on the rear, I've used the tool to adjust the sag.
I am wondering if when I tighten the mounting bolt (nut?) all the way down, it should hold the shock eyelet (?) in a way that doesn't allow it to rotate at all. Am I missing some mounting hardware (sleeve, washers, etc.) that is supposed to hold the shock eye perfectly flush between the mounting point and the fastening nut? As it is, there is a little space between the fastening nut and the eye of the shock that allows it to rotate slightly on the mount. Maybe 10-15 degrees of rotation.
Thanks again