When I am usually looking into changing sprockets I always say what I am going to be using this bike more for? I start at the front sprocket. You get the most jump in ratio changing the front sprockets. I use the rear sprocket to fine tune the ratio. Currently I am using the 18/44 setup. It still gives me a low end grunt with a little less revs on the highway, the key word is a little.
Yes the chain can handle changing both sprockets unless you go with a 17 front with a 47 rear for a ratio of 2.76 I have never tried this setup but you may have to get a longer chain. This will move your power range to all be under 3500 RPM. Great for racing bar to bar, not to good on the highway. Also, some say this decreases you wheelbase
and helps your bike handle a little better. I have yet to see this but it sounds like a good theory.
Fryguy