Timing chain off 1 link

[Scottyvision]

I'm off 1 link on chain, It runs, but power is down, '84 Z24 engine, Am I causing any damage? It's timed @ 3 btd, if advance to 5 will it run better? Don't have time to change it now, I know about the piece of wood trick to hold tentioner, but its tough to do. Thank you,

[Scottyvision]

I timed to 5 btdc, It's running better, Am I causing damage to engine? I was able to time by dremmeling out the distributor adjustment slots a little, my buddy said I could burn a hole in piston! Is that true? it doesn't seem to be running hot. Engine has 187,000. I am original owner.