Yes, wpoll, that's how camber is usually adjusted - up at the top of the strut, but the range is very small. Only a fraction of a degree. You only need the special tool if you're going to dial it in carefully. Since the range is so small, you'll probably end up pegged one way or another - limited by the slightly oversized holes for the 3 studs + nuts.

I think these camber bolts are intended to be used at the bottom end of the front struts - the two horizontal bolts that connect the strut to the carrier would be replaced by these (either both of them or just one depending on how much angle to you want to put in there), allowing adjustment.

I have not done that second one on my x5, but on my Honda I've done a similar thing, but just using slightly undersized bolts, not eccentric ones like these.

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2001 X5 3.0i, 203k miles, AT, owned since 2014