let's say two characters are warbound. Can you warbound the token if:
1. they start off adjacent but are not at the end of the action? according to the PG yes.
2. they don't start off adjacent but are at the end of the action? per the 2011 rulebook, you assign tokens as the action resolves and according to the text for Warbound, "instead of
giving it an action token, you can give the action token for the action
to an adjacent friendly character". So does that mean yes?

from the Golden Age PG:
and in the 2011 Rulebook:

That's a negative, Ghost Rider.

"Choose a character. Choose a keyword. All characters on your
force that have the keyword are assigned this feat. When a target
friendly character assigned this feat is given an action..."

You are given the action when you declare the action, so that's when the adjacency is checked.

Thanks for the response, Harpua. But, isn't adjacency checked when you are about to give the action token?... "instead of
giving it an action token, you can give the action token for the action
to an adjacent friendly character"

From the PG:

 Adjacency is required for the 2 characters when the action is
given. If the characters are not adjacent at the end of the action,
the token may still be assigned to the qualifying character.

Right, and that answers question #1 but for question #2, when they are not adjacent but in the end they are, can't the token be handed off? Since you are about to place a token and instead, you can put it on the now-adjacent warboundee. Is that legal?

As stated in my first answer, no.

Adjacency is required for the 2 characters when the action is
given. If the characters are not adjacent at the end of the action,
the token may still be assigned to the qualifying character.

No, like the entry says they need to be adjacent when the action is given. That's the reason they don't need to be adjacent when the action resolves... adjacency at the end of the action is irrelevent. But when you actually ASSIGN the action is when adjacency is required. For example, you say, "I am giving Bill a move action. Since he is adjacent to Ted when I do so, I can give Ted the action token via Warbound once the action resolves. Even if Bill is now over there adjacent to Freud."

got it. Thanks guys!