For the 550, the adjustment screw should feel springy. I posted this in another thread:
The tensioner has a curved leaf spring with a rubber/teflon coating (referred to as the "slipper") that rides against the slack side of the chain. The ends of this sping are attached to metal slides that have gear teeth on them. The tensioner screw is attached to a small gear between these metal slides. When the tensioner screw is released, the spling will tension itself and the slides will move accordingly. When you want to slacken the chain, turning the srew (and gear) will move the ends of the slides farther apart, trying to flatten out the curved spring and pulling it away from the chain. Moving the screw the other direction pulls the slides together, causing the slipper to bow outwards more, pushing harder on the cam chain.
Which directions did you use to tenison the chain? The clymer manual's directions are backwards. You'll probably get the best adjustment by doing this while the bike is running.
Check this out:
http://www.sohc4.us/forums/index.php?topic=8589.0