correct
From the factory, the rear camber is adjusted with an eccentric bolt (it's "offset" such that you rotate it, and the arm changes length). These are prone to slipping over time, so your alignment is altered
Lock out bolt is just what it sounds. Instead of an adjustable bolt, the lockout bolt stays in place and locks the control arm in position.
The SPL arm itself is adjustable in length, and that is how camber is then adjusted
Bushing replacement is more expensive and time consuming. If you have the time and money, do it; but if you stuff isn't worn, its not needed
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