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Personally I think yes, you can.
In fact I prefer to do it on a rear stand because it holds the bike level (and stable) from side to side.
In my opinion its quite difficult to do this manually.
Of course there will be a slight discrepancy from level fore and aft, but this will have minimal effect on the oil level in the window .. and anyway if you're concerned about that then its easy enough to restore things by placing a suitable thickness piece of wood under the front wheel. You'll find that this makes little discernible difference though.
Side to side level is much more important and I have been known to check this with a spirit level placed on the petrol filler cap. Perhaps a side to side leveling error could account for your low reading after so few miles ...??
Note that all the above is just my own opinion, based on experience of my 750.
I have heard other views expressed (but obviously, I think they're wrong .. ha, ha).
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