the rod can turn (revolve) and move sideways. It would need to be held stationary (in vice) to drill a hole. The clevis and rod would need to be drilled together. I feel that the lock-nut is a bit of overkill and really not necessary, however, your bike, your decision.
Rob - Da Region Quartz Blue 2014 Wethead RT buyback Honda CH80s (2 of them, black and white, his and hers)