i can still see the white line on the balancer

line up the marks on the cam and the balancer says about 2-3* BTDC
i want to roll in a new chain, i assume there is a key installed

will my time be wrong with the key installed?

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1985 300D - 599,xxxk - blue interior #265 Monark Nozzle, AL129X, 15" Ronals, Gen II Big Brakes hunting
1985 300D - 491,xxxk - in prog-{A-A IC, 3" exhaust, psi\pyro, 28*BTDC, Hella Euros, IP Limiter removal
1985 300TD - 783,xxxk - parts car,used new engine with ALDA cap inplace
1987 Kenworth T-600 8LL 425 CAT Mech. - 6,000,000+k - DEI exhaust wrap, punched through resonators, 1 recent rebuild,

Are you talking about the "Keyway" cut into the Camshaft?
You do not need to remove the Camshaft sprocket to do this job.

Are you calling the Master link(the one you must close the pins on with that
very expensive tool) in the Timing chain a "Key"?

Or are you talking about using an "Offset" key to make up for the Timing Chain
wear/stretch?If you're replacing the Chain this is not necessary.

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'84 300SD sold
124.128

Why are you wanting to replace a chain with no wear?