Well, when you are adjusting them, you may think it would be easier to adjust them w/the cars weight pushing down....but you most likely wouldnt be able to move them. On the other hand, how are you going to get underneath the car or get your hands behind the wheel if the car is still on the ground? Its much easier to adjust when the car is jacked up.
Im not sure about the rears... but as long as they are fine when you drive, and you dont plan on going airborn or jumping your car off a ramp or something then you should be fine.