Yes - I didn't mean to imply you could run without the tensioner. If it failed and you run it you are risking catastrophic failure (plus the chain slap will be VERY noisy).
An easy way to check to see if it is functioning is to follow the loosening procedure laid out in the FSM (the section on removing the camshafts). If the chain loosens significantly when you do this, and then tightens back up when you do it in reverse you know you don't have a totally broken tensioner. It still may be ready to fail (the only way to know is to take it out).
1981 CB750K with 900 cams
90K KM's, rebuilt head, rebuilt carbs, upgraded valve stem seals
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