Yep, I'd loosen it, loosen it, take it off and use it as an anchor on your fishing boat. You don't need a compensating sprocket, unless you pull a side-hack. IMO, put a 24-T motor sprocket and a 25 or 26-T transmission sprocket and have lower rpm at the rear wheel at 62 mph.
The faster your motor is forced to turn, the sooner it will wear out.
And use a Tsubaki (pre-stressed) primary chain. They last longer than a Diamond, especially if you starve the chain for oil by turning the oil pump feed screw way down like I used to do, to keep oil from puddling under the primary cover if you parked it for like more than an hour.