Yes, the wheel can stay. There are a few threads floating around on the R&R that are better than my memory

. IIRC the trickiest bit is the upper mount bolt. A bit of tape or stiff grease in the socket end of a combination wrench allows you to remove/re-install the nut from under the tank. If you reverse the lower mount bolt, the rear foot peg holder assembly doesn't have to be completely removed the <second> time you remove the shock. The line for the remote adjuster is held to the forward mud guard by clips. These were deformed on my bike and getting the line loose from the mounting was a bytch. The remote adjuster can be snaked through for removal with out removing the adjuster itself...... if you hold your mouth right.

HTH