Cazzidy:

You must measure the stretch, it won't show up as slack, you have a hydraulic tensioner in there that removes it all. To veryify, you must line up the marks on the cam with the mark on the front cam tower, then read the crank pulley at the indicator. This will give a rough idea of chain stretch.

I'd guess you have a combination of poor injectors (fixed now), late cam timing, and late injection timing. This will give you low effective (running) compression and lots of smoke from poor combustion.

Replacing the chain will fix the cam timing and the injection timing (Don't set the timing first, you will have to do it again on the IP if you do....)

Have you adjusted the valves yet? You will have to do that, to, I'm sure.

Put the injectors back in and run it, you may have fixed most of the smoke just from that.

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!