Not really...
The slack you need in the chain is the amount that will leave just a little slack in the chain at the point in the suspension travel when the chain run is at it's longest.
That point will
always be when the centre of the front sprocket, the swingarm pivot and the centre of the rear sprocket all lie on a straight line. (As an aside, if the front sprocket and swingarm pivot were centred on the same point, you could run almost no slack at all and have no problem as the chain run would never change length).
By reducing your preload, all you've done is let the suspension squash down further towards that "longest chain run point" when you sit on it (increased the static sag). At a standstill, the swingarm is now in the same position it would have been in before whilst riding over a small bump or accelerating a little.
The actual maximum length of the chain run hasn't changed at all, as the swingarm is still travelling up and down along the same arc. So - if you're used to setting the chain tension with the bike unladen on the sidestand (i.e. with very little sag in the rear suspension) you can carry on using the same set up.
HTH,
dan.
(5'9")

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