Under the round can, there is a hex for a wrench. I can't remember what size but maybe 19mm? Use that to loosen the can.
You say far too rich. What engine RPMs is that at? The compensator will more or less adjust the mixture at all rpm ranges. You first need to determine at what RPMs it is rich. If just at idle, It is possible to adjust the mixture at idle alone. But what ever you do, always make notes for what changes you do so you can always go back to where you were.
Yes, remove BC shims to lean. But be advised this adjustment is VERY sensitive. .003" shims can make a significant difference. Ultimately, this is more of a temporary fix. You should change the setting screws in the pump to be proper. But because that can be a daunting task and not for the faint of heart, most stick with the BC adjustment.