So the non tensioned side is loose as a goose. Is there a measurement spec for the play?

You need to see which hole the spocket is in. #1 new chain, #2 little stretch, #3 last chance on that chain before replacement.

https://www.google.com/search?q=240z+timing+chain+adjustments+classiczcars.com+&client=ms-android-americamovil-us-revc&source=android-home&source=hp&ei=XrV9Ya-BG7OEwbkP8teV8Ak&oq=240z+timing+chain+adjustments+classiczcars.com+&gs_lcp=ChFtb2JpbGUtZ3dzLXdpei1ocBADMgUIIRCrAjoFCAAQgAQ6BQguEIAEOgsILhCABBDHARDRAzoLCC4QsQMQxwEQowI6CAguEIAEELEDOggIABCABBCxAzoLCC4QgAQQxwEQrwE6CwgAEIAEELEDEMkDOgUIABCSAzoGCAAQFhAeOgUIIRCgAToFCAAQzQJQ7BhY-NMBYLDgAWgCcAB4AIABigKIAaIhkgEGMC4yNi4xmAEAoAEBsAEA&sclient=mobile-gws-wiz-hp

47 minutes ago, ennisdavis said:

So the non tensioned side is loose as a goose. Is there a measurement spec for the play?

 

There is no "play" there when the engine is turning. The play you have there is only because the cam isn't in a spot where it's resisting the crankshaft motion. Roll the crank a bit clockwise and it'll tighten right up. Then check for chain stretch as per the FSM and linked above. But, if you're that far into the engine already, replace the entire timing set.

When the engine is running the tensioner isn't just using the little spring inside it - it's using oil pressure to keep tension on the chain. You can't really mimic that with the engine apart and there's really no need to.

Speaking of being into the engin, should i replace the head gasket or is it a hassle abd should leave it alone.