Roughly how much torque is too much?
I couldn't say exactly, as I don't know how tight your cam nut will be? There was no factory torque figure given for that nut -even for the later Commando models!!
Does it get transferred through the chain to the other spindle?
I don't quite know what you mean by "other spindle"? If you mean the magneto, then - no, or do you mean how does loosening the cam nut actually side load the intermediate spindle? In which case - yes, the intermediate gear will be held static by the (locked) crankshaft gear, so any turning force applied to the cam nut will be transferred to the intermediate gear and spindle by the chain which will try to pull them sideways, and this can damage the spindle drilling in the crankcase boss.
A firm steady pull on the wrench/spanner is needed to loosen (or tighten) the cam nut to lessen the amount of intermediate gear side loading, do not attempt to shock it loose by hitting the end of the wrench with a hammer.