Rebuild noise

[JohnSouth]

I rebuilt the top end of my CL77 a few years ago. When I started the engine after the rebuild I got an oil leak between the head and cylinders and a lot of noise that sounded like the timing chain was slapping around inside the engine. I adjusted according to specs but this didn't help. I also had low compression and the left spark plug was covered in carbon (because of low compression?). I let the engine sit for a few years while I raised my kids and I have recently decided to get back at the engine. I pulled the head last night and the cylinder walls and pistons looked new (.303 over) but the weird part is the timing chain. Even though the timing marks were lined up, the chain master link was no longer over the "o" mark on the cam shaft. I am in a quandry. Could the chain have skipped position yet maintain timing? I must be getting old. Any help out there?

[LOUD MOUSE]

Did ya put the 2 "O" rings at the front corners?
The chain master link will move to another tooth location every revolution.
The reason you start with it as HONDA says to is to time the cams to the crank. ............lm..........emo

I rebuilt the top end of my CL77 a few years ago. When I started the engine after the rebuild I got an oil leak between the head and cylinders and a lot of noise that sounded like the timing chain was slapping around inside the engine. I adjusted according to specs but this didn't help. I also had low compression and the left spark plug was covered in carbon (because of low compression?). I let the engine sit for a few years while I raised my kids and I have recently decided to get back at the engine. I pulled the head last night and the cylinder walls and pistons looked new (.303 over) but the weird part is the timing chain. Even though the timing marks were lined up, the chain master link was no longer over the "o" mark on the cam shaft. I am in a quandry. Could the chain have skipped position yet maintain timing? I must be getting old. Any help out there?