Does Line Honing change the crankshaft's centerline?

I disagreed but only cuz I can't agree and disagree to the same post. You can't line hone the mains without moving the crank centerline a little bit (which is kinda what I heard you saying) but I do agree with you that ONLY if it's done right, it won't change it enough to need a special timing chain set.

That said, I don't know how gear drives compensate for this, even in a production-tolerance situation, let alone after machining. I put the tensioner on the timing chain in my small blocks so I never worried much about any of it.

Actually, yes pretty much you can. I outlined the procedure very clearly in an earlier post in this thread. Would you consider .0015 (sometimes less) removed from the block side moving the crank center line? It's all relative, because as YR and others mentioned, the block has to be "close" as far as main saddle alignment to begin with......most of them actually are. That's the whole purpose of removing material from the caps where they meet the block. That way, you remove most of the material from the CAPS, virtually leaving the block alone with only the lightest skim possible. This effectively leaves the crank center line the same.