Chris:

Yes, the zigzag link will get red hot (it's a resistor link).

Most likely, you have a stretched chain or a weak starter. Engine MUST rotate at leat 100 rpm to start, slower and it will take forever if it starts at all.

A stretched chain will give both late valve timing and late injection, and it won't start below freezing. Will run fine if you ever get it going, but starting will be problematic.

Check the chain -- align the marks on the cam and front cam tower and read the number off the crank pulley. More than 8 degrees and you need a new chain.

It's also possible you have low compression. You will need to do a compression test to find out.

Peter

__________________
1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!