I've never heard that going one tooth smaller would put excessive strain on the chain. Anyone else had this actually happen to them? The difference in circumference is not that drastic. I'm just not buying the theory. The chain can go a lot tighter radius than the size of the sprocket.
Yes its true, well I don't know if its "excessive", though no personal experience. But a tighter arc will cause everything to wear just a little bit more (pins and bushings). Generally, 2 down from the stock is the most. I've known drag race guys who took CB750s from an 18 to a 15. And even went up on the rear to boot. But all they ever did was drag race so what the humph. Same for a bike that doesn't get ridden much. Who cares?
Still better to go up on the rear, larger arc, less wear.
Usually on a street bike, you can't go up more than 2 without fouling the chain guard. And 3 or more on the rear may require a longer chain.
A compromise is down one on the front and up 2 on the rear. Modest wear increase, probably same chain length, and probably fit the chain guard OK. Should satisfy the urge for more get up.