LaGrasta, it may not be real obvious to check the deflection in the timing chain without removing the cover, as trying to turn the crank counter-clockwise will loosen the bolt. Turning the crank the normal way, you may not notice any deflection, as the chain will be tight on the side that's applying the pulling force to the cam sprocket. When I pulled the cover off mine, the top section of chain that was not under tension was real floppy.
I recently replaced my timing chain set... it was quite surprising to see the difference between the old and new... the new had very little deflection! As a result, I would guess my chain was stretched almost an inch (net, coupled with sprocket wear), and so my camshaft timing was extremely retarded in relation to the crankshaft.
My timing chain set may have been 40 years old. How old is yours?
Good luck!