ken cox-
"I wonder if the serious track racers don't see slack as a way of avoiding even the slightest mechanical drag."

i'm not sure, but that seems like a plauseable reason...

i also use the same approximate process as you (ken), but i usually spend less time and would rather have more slack so i'm sure there is no binding. and i know what you're talking about when refered to the endless "coasting" of the drivetrain. a problem i have though, is the slight un-roundness of the chainring/cog that gives more slack in some areas of the rotation. i guess i could try sheldon's chain bolt loosening/chain-taping thing...


******bagonwhlz-
"hmm, how do you know w/out dsetroying them?"

if the chain is tight, real tight, it applies uneven and possibly destructive stress to the hub and bb bearings. you can usually hear and feel a clicking-type noise when the chain is too tight.