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That's a good way to do a quick rough check, akin to twisting a distributor and listening to the timing.
A $20 dial indicator will yield a dead accurate timing stretch reading, I'd recommend going that route. Akin to using a timing light to time a distributor.
It is possible to have a chain with very little stretch on an old engine-if they regularly maintained it or if it was replaced in the past.
If I remember correctly, each tooth advanced/retards your timing ~18° which is way too much
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