Is this a major problem that needs to be fixed ASAP? Or does it not really matter? I have the plate to replace it if need be but don't know if I can just take that plate off and swap or do I have to undo both sides at the same time? Thanks for any help.

[attachment deleted by admin]

The plate itself looks to be a simple Remove & Replace....the rest of the workings u would need to partially remove the axle.
http://www.ebay.com.au/itm/2002-Suzuki-GS500-GS-500-Rear-Axle-/261138191879?pt=Motorcycles_Parts_Accessories&hash=item3ccd0c9607&_uhb=1

Thanks, I just wanted to make sure my wheel wouldn't go off balance if I just undid one side haha

Go to say

www.rockymountainat.com

www.bikebandit.com

ronayers.com

there are exploded parts diagrams you can always refer to when you need help. Its at least a starting point.

Undo that nut take the plate off and bang it straight with a hammer then put it back on. Then PM Adidas guy and he will gladly sell and mail you a replacement if you desire.