Don't mess with the front sprocket size!, that's a older Harley thing, twas easy and with a wide selection, but not for our honda's -
A simple 38T and 120 link - quick easy & No Problem....
True enough for the Shadow 750s with chain drive, but only because Honda based the engine on the VT600 engine and didn't scale up the transmission when they increased the capacity. But, if somebody is running the factory 16T on their Honda VLX, there's room to go up one tooth, and if they are riding a Honda VT400 Steed on a 15T, they can go up two teeth in front with no issues.
On my Suzuki, there was plenty of room for a larger sprocket and my Enfield accepts a front sprocket THREE sizes larger than the factory installed, without problems.
The beauty of a front sprocket change is that radically different ratios can be implemented without much hassle. Changeover on the VLX involves loosening the rear wheel, removing one bolt and one clip, take off the sprocket cover, two more bolts to unfasten the front sprocket, changeover, reassemble and tension. The whole job can be done in a 20 minute gas stop, without jacking the bike or removing the rear wheel. Same deal with my Suzuki 250. So much cheaper and easier than a rear sprocket change!
And, because there's no requirement for different chain lengths, I could, for example, ride cross country on my 17T, and when I get to San Franscisco, pull a 15T out of my saddlebag and install it at a gas stop, adjust the rear wheel back by 5/8", and ride the hills with a more appropriate ratio, and not needing to slip the hell out of my clutch at takeoff.
It's not just an "old Harley" thing, each model should be assessed individually for front sprocket clearance. Of course, ease of access to the front sprocket is a big factor.
Chain driven Shadow 750 riders got "shafted". If the rear hub geometry allows, it would be desirable to go even lower on the rear sprocket tooth count, so one could achieve the same "swap the front" functionality. For example, if somebody was riding a 750 Spirit that came from the factory with a 17/42, they could replace their rear sprocket and chain (just as you suggested) to get into the following situation. What you failed to recognize was that by doing so, one creates the opportunity to benefit from subsequent FRONT sprocket changes, even on a Honda Shadow 750.
Stock: 17/42 (.405) 122 links
Highway: 17/38 (.447, 10% steeper) 120 links
San Fran: 15/38 (.395. 2.5% shallower) 120 links