Ok.. Thanks to Eskimo and the loan of a dial gage I now know that my chain is either stretched or I've got a busted key.

Knowing what the eyeball marks look like I checked that way first. 10 degrees.

Setup the dial gage, twice. (First time I checked the #1 exhaust valve.. doh!).

With the dial gage.. assuming I did it correctly I read around 20 degrees. I didn't make note of the cam ID so I'm not sure what that would translate to. But I figure its around 10 degrees or so.

Looks like new chain time. I wanted to also do a compression test. But I assume that with the timing so far off it would be a waste of time to do one.

On the subject of woodruff keys.. Would a new chain come with a non-offset key or would I need to buy one of those?

__________________
'84 300CD Turbo 132k (Anthracite Grey) - WVO - My daily driver - Recently named coo-coo-coupe by my daughter.
'84 300D Turbo 240k (Anthracite Grey) - Garage Queen
'83 300D Turbo 220k (Orient Red) - WVO - Wifes daily driver

I'm not a certified mechanic, but I did stay at a HolidayInn Express last night.