[Gasser Nate]

I detest shock punches and the like as they almost always damage the collars in some way. I do prefer to pull the shock to loosen stubborn ones as sometimes you cannot get a proper c spanner in there due to space issues.
If I do need to make fine adjustments I try to use a brass tipped punch and make sure the shock is spotlessly clean and spray a little lubricant on the collars as well. Once the lock nut is loose spin it out of the way and turn the spring with the adjusting collar. A little spray lube helps on the lower shock collar as not too many shocks run bearings and or Teflon washers.
Sounds like you need to pull the shock on yours and see what the go is.
Motion pro makes a good spring compressor set but there are a few motorcycle ones available.