Swingarm Chain Tensioning Screw - does this thing come all the way out?

[The ModFather]

Put a 2007 695 black swingarm on my 05 620 Dark but it didnt come with the swingarm extension cover( where the chain tension screw goes in) so I have to transfer my silver one from my old swingarm. I'd like to remove the extension cover from the sliding shoe to get it powder coated black but when I unscrew the chain tensioning screw all the way it stops at a certain point and wont come out. Does the chain tension screw come all the way out? I dont want to have to rattle can that thing once a year due to chipping etc.

[Speeddog]

The chain tensioning bolt has a a small allen bolt and washer on the inside end.