Good discussion here! I think I'm leaning towards only replacing the chain since I can do it myself fairly easily, put a snap link on the chain and drive it slowly to the dealer where they can rivet it on properly in about a minute or two.
But are we in agreement that my chain needs replacing based on the video I posted? :P
Yes, the chain is shot, not horribly so, but it is.
The side plate of a clip type link needs to be pressed on. Sure you can struggle with a set of pliers and get it on. The cost of the clip master link $5 to $10 and a lot of hassle to fit. Then you have to spend time riding to the dealer and hanging around, and then get a bill for $60? for riveting the chain (rivet type usually supplied with the chain).
Alternatively, you spend $90 and buy an RK Chain tool (don't even think of getting anything else) and now you'll be able to perfectly and easily press on the side plates of both clip and rivet master links and do perfect flairs each and every time for the rest of your life.
Anyone who can't do a perfect job riveting a master link with an RK Chain tool, the 'rolls-royce' of chain tools, shouldn't be doing anything mechanical to a motorcycle. You don't even need to measure anything, it'll press the side plate on the exact correct distance (different for clip and rivet type master links).
P.S. Just remember to grind the heads of the pins of the link where you plan to separate the chain. You'll bust just about any tool trying to do it without removing the heads. I find a small 6" angle grinder perfect for the job.