Its not problem at all. Also, 2 in of play is not a big deal. A chain has to be very, very loose ot ever cause issues. I've not see yours, but I wont tighten mine to where there is any less than 1.5 in of play at its tightest point.
Agree with this. I've always tightened my chain on every bike I've ever owned while it was on the side stand.Why would it be a problem? As far as I know, on the side stand is the preferred method.