yes you will have to back out the bolt for the parking brake and if that don't work try loosing the bleeder valve on the caliperi just put the old brakes back in and as far as operation goes they work. the pistion will not retrack far enough for the new pads. would the adjuster bolt have anything to do with it, i thought that was just for the parking brake.
A lot of other companies make those too. You can buy those at just about any auto parts store. I have one. I don't think they work any better than a c-clamp does, but they're a little easier to handle and work with.Also craftsman makes a tool for car break calipers that pushes the caliper back to where its starting point is. My friend and I just recently replaced his rear breaks on an 04 400ex and it was a real pain! I took us everything we had to push the caliper back, but anyways the craftsman tool looked like it would work very well, and should work with an atv. Try that if you would like.