Yes, loosening (counter clockwise) will lower the front. With the front lowered it will have more travel than with it cranked up. The slower the car the more it needs the travel in the front to help transfer weight to the rear tires.
I've never loosened the nut on the pivot shaft. Normally I just bounce the front after making an adjustment and check the measurement after a drive.
If your goal is to drag race the car you'll need a loose front shock too, something like a 90/10 or a set that is worn out. With worn out shocks it will have some bounce on the street.
