I do loosen both of them. The small one locks the spring plate into its position so it won't move. The big one is the ecentric and actually does the adjusting. I loosen it in order to turn it. I put a floor jack on the end to control the drop and to make adjusting with the ecentric easier. I use an impact wrench on both nuts for loosening and tighting them.
Prior to doing that, you might want to mark the current top and bottom of the spring plate so you know how much you adjust it. That also allows you to put it back if you need to. I clean mine up and spray them with black paint, let it dry and scribe top and bottom and I am set.
Depending on where you are in the travel, the spring plate can adjust almost an inch. Of course, you may not get that much down unless it was set at the top to start with. For more than it will give you, you get to re-index the torsion bars.
I cut holes in the body to allow removal of the torsion bars without dropping the rear end although when you redo them once, you shouldn't need to touch them again.
Good luck.
Big Dog