If, while your engine is running, you push down on the rod and the camchain noise does not quiet, you could have a seized pivot on your tensioner arm. But before you determine this, make sure that the excessive noise isn't from your Carbs being out of sync. This can also make a lot of noise at idle. Also, you really have to work hard to feel any movement at all in that rod, so if you don't feel or see it move, that doesn't necessarily mean it's seized.
I'm interested to see how many miles are on your bike, but most of these 400's have some sort of damage to the pivot area of the tensioner arm. What happens is that there is very little clearance, and if the camchain is loose at all, it can start eating into the pivot, and before long, this seizes the pivot into place so it can no longer work like a hinge.
Refer to this page:http://www.capitolcycle.com/fiche_section_detail.asp?section=121734&category=MOTORCYCLES&make=HONDA&year=1977&fveh=2913
In order to see if it's working you can take your valve cover off and pull out the slipper (
, being careful not to loose the damper (4), then push down with a flathead screwdriver where the bottom of the slipper was nestled. This should move smoothly with a bit of force, and spring back. If you take the guide out as well (10), you may be able to look down there with a flashlight to see if the pivot is chewed up (you'll see two "track" marks ground into it by the chain). But the chain itself might block your view (I don't remember, since I looked at mine with the cam and sprocket out).
If you determine it's fully seized, then you probably wont be able to adjust it at all. I have seen where people have replaced the oil check bolt (11) with a longer bolt that is smoothed out into a rod at the end with the threads removed. This can be tightened to mechanically press down on the rod, but you risk both overtightening the camchain as well as stripping out those tender threads...
Unfortunately, if the tensioner arm's pivot is totally seized, you can only get to it by digging into the cases, as it's bolted to the underside of the upper case I think. I believe somebody makes an improved billet replacement for the part. Let us know what you find!