On the CB350F, the lock bolt screws into the block and the lock nut (which you apparently loosened) keeps the lock bolt from loosening. Once the lock nut was loose, did you try to loosen the lock bolt by turning it counter-clockwise? Suggest you use a liberal amount of penetrating oil and let it soak for a while. The bolts are rather fragile and can break off in the block if they are siezed. There's a spring-loaded plunger inside the block that the lock bolt bears against. If the plunger is "free", the camchain should self-adjust when the lock bolt is loosened. You might have to take off the access plug (up above the lock bolt area) and apply gently pressure on the plunger using a thin punch to help the adjuster work.
Kevin Hunter