I think you got it all right. But as the engine turns forward the chain gets tight and loose depending on the bias of the valve springs to roll the cam forward or backwards. So, as you've got it, the tensioner bar, unclamped by the lockbolt, will track the chain, moving in and out with the slack or tension of the chain. And it will be noisy.
What you must do, and the manuals all explain this, is set the engine at a spot where all the slack in the chain is on the back run. IF the plunger bar is free, and yours seems to be, the spring will push it into the chain. Then tighten the lock bolt, which hits the machined flat spot of the tensioner bar.
The position of the engine should be 15deg ATDC on 1-4. Roll the engine forward till you see 1--4 thru the peep hole on the points plate. Continue rolling it forward till the left side of the spring post lines up with the raised timing mark on the crankcase. That's 15deg ATDC. Since you know how, push on the tensioner bar thru the hole in the back of the tensioner body with a small screwdriver or allen wrench. That will assure max adjustment. Release the pushing, and snug down the lock bolt.
Now fire it up and listen.