If the above happend to me I would be looking for the reason why I was not able to time the IP within the range of the slots; I would think there was something wrong.
If the IP was installed properly when the Engine was built and no one has pulled it out and re-installed it improperly; the only thing that I can think of that could cause the IP to not have enough range of movement to re-time it propberly would be if the Timing Chain/Timing gears were worn and stretched badly and no one installed the proper Offset Key to compensate for that.
If the above were the case the solution for me would be to install the proper Offset Key or put in a New Timing Chain and related components. I would not pull the IP out as you suggested except as a Temp Measure of if I thought the Car was not worth the trouble.

As a second thought if the Aluminum in the slots is mushed over inside of the slots that can also prevent you from moving the IP in the full Range.

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84 300D, 82 Volvo 244Gl Diesel