As you can see by Martino's vid, the post with the stuck lock nut is attached to a pinion gear that engages a rack that actuates the metal backed rubber "bow" (aka slipper). By setting you engine to 15 degrees past TDC, the cam chain is at it's loosest. By releasing the lock nut, you are allowing the spring loaded slipper to take up any slack. Locking it down again prevents the chain from pushing the slipper back.
That being said, Mystic's advice is prolly the best thing to do now. Soak it a few times with penetrating oil (PB Blaster is popular here) until you can get the lock nut and post to turn independently. Once it's loose, do what you have already described to set the tension and lock it back down.
To replace the tensioner assembly can be done with the engine in the frame, but the engine has to be taken apart significantly! Changing the tensioner usually means changing the cam chain too. To do that by the book, ur looking at an engine out, case split rebuild. Got my fingers crossed that the penetrating oil works for ya.