First off the “Lazer Block” used a single row chain, the early engines were double row, you’d know that right away. Second, a chain too long wouldn’t run, not only would the tensioner not take up the slack, the link count would send the crank/cam timing off after a few revolutions.
Are you one tooth off on the chain Install? That is a possibility. It may run, just no power and could have other symptoms. Could also be why you can’t get any timing on the dizzy.
It’s why you always rotate the crank 2 revolutions and recheck your timing marks on crank and cam, the bright chain links will move a tooth over every revolution, this is to not develop a specific wear pattern on the timing components.