Does it matter if I adjust the drive chain with it cold or should I drive the bike for a while and then adjust. I know I should drive the bike after and then check to make sure the axle nuts are still tight, but what of the chain? Or Hookers?

Well, I always adjust mine hot but that is mostly cause I always lube it hot and that's when I check it for play. If needed, I just crack the axle nut loose, adjust and then tighten it again. When on a trip, I prefer to do this just as I park the bike as the knee pads in my riding pants keep the old bones from hurting the next day. 500 mile days, check and lube chain, it all just works out. I tend to adjust on the center stand and more or less look for about 1/4" of catenary sag at the mid point of the chain. That translates to about 1.25" of up and down play.

Every time I have tried to adjust the chain on the center stand it always ends up to tight.

You cannot adjust it to the same specification and expect the same result. As the suspension compresses, the distance from the countershaft sprocket to the axle centerline gets longer. With the bike on the center stand, the shock is fully extended and the distance is actually at its minimum. Slack should be adjusted accordingly. I adjust mine so that the chain actually touches the bottom of the swing arm when pushed up at about the side stand foot. Looser is definitely better than tighter.

JUST A WARNING!

If you tend to adjust it to tight, you'll eventually fuck up the
bearing going into the engine. To change that one you'll have
to open the engine, and it is a hell of a job.

The mantra has always been "Lube a chain hot, adjust a chain cold".

The chain is at it's tightest when the front sprocket, swing arm pivot, and rear sprocket are in line. (with the suspension almost all the way compressed).

When you have a dirt bike with 11 in. of rear travel you will see this.

The spec. given in the owners/service manual takes this into account and tells you to set the slack on the side stand.

I've never figured out the difference between checking on the side VS. center stand. While on the side stand my rear suspension is topped out anyway. Same result. I just do it on the centerstand.

Now that I have the 6mm shim I still don't like not knowing the spec. now.

It is always done on the ground with the rider on it, in my shop. Of course when you drop 30 feet you tend to compress the shock. If there is not enough slack out comes the countershaft, or the chain.
As my bird has been modified to go from 12 inches of travel to 4 inches, I have dealt with all the possible differences. The way it is now for the street, the swingarm is almost flat, with me on it. It gets looser on compression and rebound. I set it with about .5 inch of movement in the middle, but I hate slack in the chain.
I know this may not relate, but it should show that load and bumps tightens yours.

FWIW, I just put on a rear tire and was dicking with the chain tension...

I have the 6mm mod done on the rear, and a stock length Ohlins shock...

With the thing on the center stand, there is exactly 1-3/8" of play in the chain

I had a large guy here at work sit on the thing, and bounce, and there is ~1/2-3/4" of play in the chain when the swingarm is straight, and it doesn't get anyworse when bounced closer to the stop.

Mike

I am curious where you got your information. Page 141 of my owner's manual (Drive Chain Adjustment) states:

1. Place the motorcycle on its center stand...

It goes on to say when you are done adjusting, refer to page 138 for inspection. No where on that page or the previous does it say anything about lowering the bike on the side stand.

My manual for my 98 says put on sidestand

If I recall, the owner's manual says one thing, and the Honda service manual says another...

Mike

if it breaks when you sit on it, it's too tight!

Catenary-the curve made by a flexible, uniform chain or cord freely suspended between two fixed points.
Learn something new every day.

you have to leave more slack with the 6mm shim installed right??? so would it be safe to say when adjusting your chain (with the 6mm shim installed) using your center stand, about 1 1/4" to 1 3/8" is a safe measurment?

I put the bike on the centerstand. I find the center point between the two sprockets, put a ruler up to the bottom of the swingarm, pull the chain down, push the chain up and when it's about 1 1/2" of total travel, I'm done except for aligning the chain.

Precicely! Well, er, except I do 1-3/8", but then again, I don't pull down, just let the natural sag be the start point.

When you say: I find the center point between the two sprockets

What do you mean?
I always have to readjust.