I think it was a combination of both...as my new unmodified chain meant that the hub was at the 8 oclock position (from the wheel side)....which...I think...compared to 4 oclock (the new position) isn't that different in terms of ride height. But I get your point.
In my particular instance I think it was more to do with wheel base as I also run with the steeper head angle.
Steep head angle + short wheel base = new pants for me please
[Edited on 7-7-2003 by Harv748]