Zero'ing a Kobra is a tedious process.
Make sure you loosen the wierd little nut enough that you can pry the disk up enough that the disk is no is no longer engaged to the adjustment mechanism. The disk shold be be free-floating. Then you can crank on the adjustment screw to your heart's content. ALTHOUGH, if you adjust the screw enough in one direction (I forget which) you may discover that you have to loosen the nut even more to be able to continue adjusting in that direction.
CAUTION If you've losened up the nut a lot in order to get the adjustment travel you need, be sure to snug it down BEFORE you test fire. Otherwise, the nut, disk and itty-bitty detent ball bearing will part company with the rifle upon recoil and you will end up looking like the "guy" in the "Don't be that guy." commercials as you crawl around on your hands and knees looking for the missing stuff. How do I know this? None of your damned business.
Good luck.
SD