Bike has annoying ticking noise from mostly rear cyl..bike is a 2000 shadow spirit, with 33000 miles, i was told valves needed adjustment at 30,000 miles , along with timing chain adj.. is this correct?

You probably need a valve lashing

Without being able to stand next to the machine and listen it would be very hard to say what the noise is. Valves are generally easy to adjust and if loud have a high pitched tick sound. Cam chain adjusters generally self adjust and are reasonably quiet. If the automatic adjuster goes bad it will generally make a clatter sound or a loud clack. One thing you have not considered, if the the exhaust gaskets in the head go bad or leak air, they can also produce a loud ticking sound. You often hear this sound in older V8 engines. It sounds like a lifter is bouncing around inside the motor but the sound is caused by a blown gasket between the head and exhaust manifold. If you experience some popping/backfiring during deceleration try replacing your exhaust o-rings in the heads. This may solve both problems. If the problem is internal to the cylinder you may need to change a bad cam chain adjuster. As always start with the cheaper fixes and work your way up. Adjust valves and cam chain tensioner if not self adjusting, replace the exhaust gaskets next, and if that does not fix it, replace the cam chain tensioner. Hope this helps.