How much free play should new timing chain have?

That would be constantly changing cam timing. On a low h.p, street car might not be a problem.
It was on my teen. had to osolate the throttle to get her moving, but seam to rev just fine.
one day it popped and banged a couple of time.... and ran no more plastic timing teeth in the oil pan.

If it has been line bored the change can be loose

I only run Cloyes Tru Double Roller, Timing Chain, no matter the build. I may skrimp but not on a timing chain.

By the way, the teen ran flawlessly after the timing chain was replaced.