I'll add a bit more detail to my earlier post. I researched this extensively for an industrial product development exercise and as part of a technology first degree and a bit more into a masters degree. I mention this just to highlight I'm not just guessing. There are a lot of different opinions about chain 'maintenance', a lot without any factual backup (opinions basically).
Slack in a motorcycle chain is needed primarily because the drive sprocket is not on the end of the swingarm pivot. This causes the sprocket (and wheel) to rotate through a different arc than the chain. There are other factors such as sprocket eccentricity, axle alignment and runout but these are negligible in the case of motorcycle chains.
Checking the slack on a chain is good for detecting stretch and wear
within the chain itself. But modern 'o'-ring and 'x'-ring chains are very good at resisting stretch and wear because of advances in manufacturing, material and of course, holding grease where it's needed. Hence a good chain will need very little adjustment in it's working life.
The biggest point of wear is where the chain impacts the sprocket. This is why a device such as a Scottoiler is so good (one of the conclusions of my reaserch). There is no form of lubrication at this point so metal to metal wear is inevitable. A lubrication system that puts oil onto the sprocket faces reduces friction and wear. I have no link to Scottoiler, any similar chain lubrication system will work.
Wear between sprocket teeth and the chain in the early stages cannot be fully (if at all) detected using chain slack, this just indicates the tension between the the two sprockets and the free length of chain. Pulling the chain back off the teeth does show wear because it shows how sloppy the chain is on the sprocket. Unfortunately sprocket wear is not even around the sprocket so only a few of the 30 or so teeth that should be pulling are actually doing any work. Rapid wear in all areas is then a result. Also hooking of the teeth causes meshing and transmission problems.
This is where my research ended in this area. I was actually looking at oil and oil delivery systems for an industrial sponsor, but being a keen biker I edged the project into a more interesting area (for me anyway)! Taking links out of a chain won't help anything unless you want to shorten the wheelbase of your bike. There is lots of advice to change chain and sprocket together to avoid one worn part damaging a newer one, I did not test this but to be honest while you're at it you may as well do both.
Opinions do differ on this subject. I've had many 'discussions' about my findings, I'll expect some more
, I'm not even going to mention opinions on chain oiling/cleaning