Steve,
first of all: don't panic! 8)
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instead of gliding smoothly round,
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As far as I know, this thing never ever glides smoothly, at least not when we changed the (sigle row) chain of the 2.3-16 some weeks ago.
Instead of gliding the hole thing snaps (hope you understand my poor English).
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the chain slipped over the exhaust cam (the one on the left as viewed from the front) whist still turning the cam on the right of the engine (as viewed from the front)
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You should really get another pair of helping hands for the rest of your adventure.
If I got it right, the chain was in contact with the intake cam but jumped one tooth (maybe two) on the exhaust cam.
To correct this you have to turn the exhaust cam clockwise to get the chain wheel one tooth ahaed. Take an open 25mm wrench to turn the cam direktly behind the chain wheel.
But: maybe the chain from the intake side fell into the chain cover and is blocking at the wheel down inside? Try to pull the (new) chain backwards out of the chain cover. Do not turn the engine counterclockwise...
If this doesn't work because something blocks the hole thing (valve sitting on the piston) try to turn the exhaust cam counterclockwise to get the system loose again.
You should manage to turn the engine and the cams even if one cam or both cams are not absolutely adjusted. After feeding the new chain completely into the engine and pressing the new link into the chain you have to align the cams.
To do that, take the distributor cap away, turn the engine until UDC of cylinder no. one.
There is a little hole in each chain wheel. Both holes must face each other for correct alignment, looking something like "O- -O" if you look from the front of the engine (the "-" indicates the position of the hole).
If one wheel is not aligned, just lift the chain (tensioner still out) and turn the cam until it fits.
good luck,
bis denn,
Christian
1989 300TE
1984 2.3-16