will the timing chain cause the engine not to start?

I've been working on this car for over a year and still not able to drive it. The car wouldn't start so I checked everything I could think of as far as ignition goes. It's getting spark(new coil, resistors and switchgear) the fuel injectors are new. The car sat for the last couple of months. When I tried to start nothing but clack,clack,clack after a couple rotaions with the starter. I immediately panicked. I removed valve covers and noticed the chain had a lot of slop. The tensioner and chain were replaced about 53,000 miles ago. The rail on the drivers side cylinder bank is split and the others look very brown. Is it possible for a tensioner to go bad from sitting too long. It was 1987 when the first tensioner was replaced. Also is it necessary to change the lower rails inside the timing cover? The timing marks are off about 14 degrees retard. Compression is good on all cylinders ~125-130 psi. Could I have jumped a tooth. Is it possible that my valves are O.K. the engine turns freely with the crankshaft bolt?

Thank you in advance for any advice,
jmdunn