The Cam slipper is installed pressing on the inside run of the chain, facing towards the front of the bike, as shown in the Clymer manual. The bottom peg fits into a slot in the crankcase and the top peg fits into a slot in the cylinder barrel. it does not move once installed.
Re the slot, I saw a guy dismantling a CB550 and he was turning the slotted stud while unscrewing the lock nut. When the bike was dismantled I observed the turning the stud could turn about 90 degrees. Now that its installed you can hardly move it at all, indicating to me that all the slack has been taken out of the tensioner.