I doubt if the Volvo-Penta conversion of this 350 Chevy engine went so far a
special timing chain sprocket ( your #1 ) . In previous service work,
someone could have swapped the pulleys, (crankshaft and/or water pump), or
maybe the cir. water pump was changed? I had an OMC a few boats back where
, I had to get a harmomic balancer's front face machined off a good bit to
line things up, but don't recall the details. I would look at the water pump
making sure it was the right one and same with pulleys. Or if you if it
would be easier ,just take what you have to a machine shop and get work
done to line thing up. Cut face of balancer and/or add spacers under other
pulleys. Be sure to pay attention to the alternator line up as well. Thing
to figure out why thing are out of wack maybe be harder and more expensive
than use getting what you have to work via a little machining.

--
Ron White
Boat building web address is
www.concentric.net/~knotreel