
Keeping engine level is important as for keeping oiling system full of oil and not air bubbles. Yeah, I know but what about cornering?? I think the sump is deep enough to handle that issue. I just know from working of the early CB750's that a few engines spun bearings because the engine was tilting up ...too much.

You got the right idea about measuring the "gap" and thus a fairly accurate way to check the tracking of the front/rear wheels. As you mention, rear wheel plumb is needed as well (even for the front tire/forks). Vertical is important as this helps to keep tire wear fairly even side to side.
Using all these items will get you some fairly accurate numbers and you can keep these on hand (cards file, etc.) and use as a baseline for future changes or mods.
RT2