Help. Timing chain installation 360 LA

It sounds right to me Stu. When the dots are lined up it's on TDC exhaust stroke for #1 cyl (not compression stroke) so by the time the piston has reached TDC on exhaust stroke the exhaust cycle is over and the intake cycle is ready to begin so that's why the intake lobe is at the top ready to open the intake valve when the piston is coming down.

Shouldn't be much play at all in a new chain. Mine had just enough to be able to move it a little bit.