I'm sure this will be long-winded and give more information than some wanted but here is my take on the pinch bolts(s):
Pinch bolts serve to allow the components to be tight (left-to-right) in the frame or suspension without using a bunch of shims or putting stress on the frame/suspension. To do this, the NON-pinch bolt side must be tightened first, then the pinch bolt side tightened while the pinch bolt is loose. Fianlly, the pinch bolt is tightened, locking the sleeve in that position.
Now to your question... do I need to do anything with my pinch bolt and how do I accomplish it with the fairing in place? (OK, maybe I added to the question)
IF you took the engine out or had some reason to loosen the pinch bolt, then you would want to do the following:
-Tighten the bolt on the non-pinch side.
-Make sure the pinch bolt is loose (with the fairing panel removed), insert the spacer and tighten the engine mounting bolt to spec.
-Now tighten the pinch bolt.
-Once the pinch bolt is tight, you can remove the engine mounting bolt, replace the fairing panel and install your sliders. The sleeve should be in the correct position.
If you have not ever removed your engine or loosened the pinch bolt, you should not have to do anything except swap your OEM engine bolt for your slider/bolt and torque to spec.
Axles are almost the same. Just remember to have the pinch bolt loose until you get everything else tight and then tighten the pinch bolt to spec. This will tighten everything side-to-side and then clamp the suspension to the axle.
I hope this helps. In my defense, I will say this: It all makes sense in my mind...