...removing excess play to at most- Honda specs - also helps with smoothing out low end throttle response.
The key word here is "excess". Don't adjust things so that there is too
little play, or you will have problems.
The Honda Service Manual (page 3-5) provides the following guidance:
1) Free play (backlash) in the throttle cable system should be between 2 and 6 mm (1/16th to 1/4 of an inch).
2) Minor adjustments are made with the small nut on the right handlebar.
3) Major adjustments are made with the adjuster on the throttle body (requires airbox removal).
Based on my own experience, I suggest that you set backlash in the middle of the range (4 mm, 1/8th of an inch). It's difficult to measure this on the cable itself unless you measure at the throttle body, so I measure at the inboard end of the rubber throttle handgrip - in other words, I put a bit of masking tape on the hard black plastic part that is the outboard end of the housing for the kill switch, then I hold a pen against the inboard (flared) end of the rubber handgrip and measure how far I can wiggle the handgrip back and forth (when at idle position) without activating the throttle bodies.
If you have too little backlash in the system, you may encounter unwanted increase in RPM when you move the handlebars to the extreme left or right position, or you may encounter increased resistance to throttle grip operation when you turn the handlebars. If you are uncertain, excess backlash is safer (not better, but simply safer) than too little backlash.
If you have problems with throttle cable operation, it's worth taking the airbox off and looking at the ends of the throttle cables where they connect to the throttle body assembly. There's a lot of tightly-packed and squashed stuff down there - vacuum hoses, coolant hoses, wires, etc. - and it's not uncommon to discover that one of those things is fouling the free movement of the throttle cable assembly or the bellcrank that the throttle cables connect to.
Honda recommends lubrication of the throttle cables. There are different opinions amongst owners about the benefits vs. disadvantages of lubrication. If a bike spends its life in Arizona or Dubai (both very dry locations), the cables might not need lubrication. But if a bike spends its life in a saline atmosphere (UK, American Pacific Northwest), lubrication might be needed. A good way to verify if there is any binding or friction/stiction in the Bowden cables is to disconnect them at the throttle bodies, then operate the throttle handgrip. When doing this, be sure to repeat the check with the handlebars at the full left lock, full right lock, and center positions. There are specific lubricants made for lubricating Bowden cables, and there is also a small tool available for inserting the lubricant into the cable.
Michael