I just followed Bill's suggestion of grabbing the crank pulley and rotating it back and forth while watching the distributor rotor button for movement. It took 5-6 degrees of crank movement (read off the crank timing indicator) to take up the slack in the chain and make the rotor buttom move. Attributing all of the crank-to-rotor-button slack to the timing chain assumes that the distributor gear is pretty tight on the cam, but in my case, I could easily move the crank pulley back and forth at least 5 degrees. 5 degrees is a LOT of timing slack and the calcs above show that 5-6 degrees chain slack at the crank corresponds pretty close to the '62 FSM service limit. (That seems like a pretty sloppy service limit.....)