I use one constantly, and NO you do not need to loosen the string. I have shrink tube around my wrenches so they won't damage the strings. I just push the string out of the way with the wrench and then loosen the screw. You can loosen it slightly as you adjust it back (pulling sharp) or tighten the string as you let the saddle slide forward to keep it in pitch. I have setup as many as 25 (maybe more) Floyd equipped guitars in a week. It does make it a bit quicker. They used to offer it in a Pro and Lo Pro versions. From what I gather they didn't work to well. BTW, that colored shrink tube on the allen wrenches is very handy when you drop them. So much easier to find.
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Intonation Tool for a Floyd Rose
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