I know we're supposed to not attempt to balance carbs until bike is really warmed up - does the same hold true for setting the timing?
I suppose ideally the engine should be warmed up enough to run cleanly but no way is this as remotely critical as setting the carbs. Certainly no need for a 10 mile ride or anything approaching that.
To be realistic there's no point in having a fully warmed up engine only for it to cool down while you remove the battery earth lead, take off the front cover (and a bit of skin on the hot pipes), then put the earth lead back before you even start setting up the timing light.
Checking the timing on a hot engine is one thing adjusting it is something else. I'm a fan of static timing it's so easy on a cold engine with points. If I had the hall effect type of bean can I would devise a means of setting the timing statically and only check it with a strobe on a hot engine. I understand this can be done as there are several LED circuits around on the net for just this purpose.
Setting timing statically means being aware of the possibility of worn advance mechanisms and the advice that it's only the timing at full advance that's important but once you know how much advance you have it's a none issue.