I know this topic has been beat to death, but I wanted to verify before I went down the road of pulling the head, etc.
I have tried tensioning the cam chain on my 77 550F with the engine off and rotated 15* TDC, and I have also tried tensioning with the engine running with similar results. I have read that the adjuster screw is only capable of a 1/4 turn in either direction and should (under ideal conditions) automatically adjust itself. However I find that mine does not adjust itself, and if I lightly turn the screw I am able to make a complete revolution. When adjusting the screw with the engine running it reaches a point where the chain noise is reduced, but I have not been able to successfully tighten the nut and have it remained tensioned.
In my understanding of the mechanism, this points to a stripped gear, but could this instead indicate that the cam chain is stretched beyond the adjustment range of the tensioner?