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If there is slack in the chains, the cams won't keep the timing with respect to the crankshaft as you turn over the engine, and the valve opening/closing events will deviate from the intended timing. This could explain the out of spec measurements you're getting.
As for possible damage, if you're just turning over by hand and you didn't force it to get the engine to turn over, you shouldn't have had any piston to valve contact.
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