This bike was built May, '87 as a blue/silver model and here we see the original gray wheels. There's lots of cosmetic neglect on this VFR which, of course, makes me cringe. These photos show the layer of oily black dirt built up over the decades, really evident here on the swingarm and sprocket/carrier assembly. I spent 30 seconds with a cloth and solvent on a section of the sprocket carrier — the grime came right off, revealing a very nice underlying finish.
So here's what I do. Whenever possible, I use a jack to raise the rear of the bike, as opposed to a centerstand. This way I'm able to adjust the height of the bike so the rear tire makes slight contact with the lift or floor (for axle removal) or the swingarm lines up with the wheel center (for installation). I can then align the swingarm chain adjuster, wheel bearings and caliper carrier — the axle slides in or out with two fingers. No lifting of the rear wheel necessary.
BTW, I'm jacking the bike across the centerstand frame bosses using a specifically-sized block of 2x4 (this bike has no centerstand installed). The jack pictured here is from Harbor Freight, a compact, low-profile aluminum jack which works well in the confined space on the lift. Here I've temporarily installed a spare wheel which will allow me to take my time with any work I wish to do on the original wheel. Next, I'll remove the forks and front wheel assembly and install spares, allowing the bike to be moved around the shop.