Thanks for the help folks. I studied my other CB500 and measured the distance from the hub to the chain adjuster on each side, and the measurements were the same as the bike I'm having the problem with. I think it was a matter of routing the chain correctly by the swingarm and then tightening it up. The center stand is bumping up against the chain but you may be right that the exhaust will prevent it from coming up that high.
Sorry I still can't get my flickr pictures to embed here, but here they are:
The rolling chassis example bike:
https://flic.kr/p/oEzRoQQuick measurements:
https://flic.kr/p/oEAoNFAfter getting the chain tension near correct:
https://flic.kr/p/oWNZpDIf I remember right the center stand "lever" bumps the exhaust, keeping it out of the way of the chain. I think the lesson here is that I am simply out of practice working on the SOHC4!
By the way, the rear wheel still looks a little off center but it might be the result of having a bent rear fender. I haven't gone to the trouble of removing the fender to have a look, but I remember it looked a little off center upon returning from my round country trip, on which the luggage rack was overloaded causing the bend.