Can cam timing be "correct" but the valve timing still be off?
 

(Not referring to valve adjustment here)..., but I would like to know if I have the cam timing correct, whether "backlash" could still occur after the cam nut has already been tightened?

Thanks

cam timing is valve timing, essentially. any backlash will be from a soft tensioner, slop between crank and intermediate shaft gears, or a chain that's worn so much that the tensioner, fully extended, can not take up the slack.

OK, The chains are brand new. The tensioners are also new mechanical, and the readings on both (tested yesterday), came right up on 3.15 in the middle of the 1969E in the rebuild book. (tested as is without taking off the cam nuts again)

I rotated the pulley several times to confirm the dial readings on both cams. ( and the chains are tight also. )

Thanks