I'd pull the bolt and spring out of the tensioner thjingie and see if you can push the plunger in hard enough to get a click or two out of it and take that slack out of it. It ought to do that by itself tho'
Be careful and don't turn the motor without the tensioner spring and bolt in, it's possible for the chain to slip teeth without it in there and that'll open up a whole new can of worms for you......The valve springs will try and turn the cams and make that happen...
Once it clicks into a new spot it'll stay there, there's no going backwards with these if they're working correctly; unless you remove it and defeat the latch like you would when installing it new.
You could also remove the whole thing and check for corrosion or some sort of problem that's stopping it from taking up the slack maybe??
If I was pulling the tensioner spring bolt plunger assembly I'd tie wire the chain down to the cam gear so it can't slip, but I'm kind of anal and it may not be neccesary...:ummm:
I don't know if these chains can stretch so much that the tensioner won't handle it, maybe??
If there's no more adjustment left in the tensioner then the chain probably is stretched excessively
I wouldn't run my motor with that much slack in the chain, begging for interference I think.....
To change the chain the motor has top come apart...
Good luck....