Hi Gordon,
There should be quite a bit of slack with the tentioner removed. I am with Joe, recheck the routing and also check the valve timing. In other words, check if the cam and crank are in the correct position before hooking up the chain link. One of the shafts( cam or chrank) might be a few degrees off, causing the chain to hang loose at the bottom or the chain riding on one of the teeth.
I think the difference between a new and old chain could be very little and only really noticeable that the marks don't quite line up.
Regards
Chris