Is this a high mileage engine? You may well have jumped a tooth, indicated by retarded timing which had been right, and nothing loose. Less power after re-timing points to your cam timing being off.
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Not really maybe 70,000 was rebuilt 5 years ago but ive done my share of beating on it. Well i guess new timing set here we go would love to go with a gear drive cant seem to find one for that motor. Mondello has one for 300 but too much for my blood.
Ive always loved that whine sound but those double roller chains are pretty tough. Hopefully itll be warm this weekend so i can dig in. Alot people dog the 307 but i do like it.