Finally finished installing new chain and tensioner.
Prior to removing the old chain I measured 6 degrees after TDC.
After installation I get 2 degrees BEFORE TDC.
I'm guessing someone had already installed a key in the cam, gave me a total of 8 degrees stretch, chain was flopping in the breeze.

Anyway, if any of you feel safe with 4 or 5 degrees of stretch on a car you recently purchased, check for a woodruf (sp?) key. You may have a potential problem.