A few points: 35 yr old tech is BS. No reason it shouldn't run true and smooth. IF it was true and smooth before, the rim won't go out of true without an event, imo. Ditch that mechanic.
If it wasn't doing it before, and there wasn't an event, then something transgressed into the condition. Fork oil deteriorated, or I'm liking the rear end. You said its been 3 years. And the forward tilt your longer shocks puts on your front end may exagerate the condition. So I'd check for wear in the rear, chain, swingarm, and/or change your fork oil.
As to the tightsie loosie chain phenomenon. IMO this does not occur from sprocket wear. It is an indication of uneven chain wear. What happens is the chain is lubricated many many times. Over time (transgression) certain sections of the chain wear faster than others, from uneven lubrication. The word "stretch" is improperly used to describe the condition. What is really happening is the pin of the chain link passes thru a bushing of its mating link. That bushing hole wears into an oval, causing the chain to elongate. The sprockets are fine other than tooth wear.
I speak from first hand knowledge.
So part of the chain becomes longer than other parts and when you spin it, it gets tight and loose. The test of this is to simply replace the chain on the same sprockets and the tightsie loosie goes away. Proof its not the sprockets. Now you may want to replace the sprockets as well, as the worn teeth will accelerate the wear on the chain. But that's a different issue.
Back to the bounce, if the chain is bad replace it and see about your bounce.