This move might qualify me for the bonehead of the year award!

Today, with timing cover off and no tension on timing chain, I decided to turn the crank a couple of times. When I did, I got about 1/2 turn before the engine locked (pistons hitting valves) -- turned it back the other way and same result. Did this about 4 or 5 times before I realized what I just did.... threw the timing waay off. Maybe 2 links, maybe 5 I'm not sure. I had no idea there was that much slack down beneath the bottom timing sprocket



While no one thread addressed this issue, I gleaned from various posts that I essentially have to:

1. close all valves by removing rocker holders
2. set crank to TDC (do I need to put the balancer back on or can
I assume that the woodruff key in 12 position is TDC?)
3. remove cam sprocket and set cam to TDC, put cam and chain
back on
4. quickly seal timing cover on with chain tensioner in place

DOES THIS SOUND RIGHT?? PLEASE SAY YES
:p :p

If this is all I have to do, then I'll call it even and chalk it up as a lesson and more knowledge learned about my car.

Please advise.

TIA as always guys!

~Paul
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'91 300E, 208k miles