So this is interesting:
This suggests that the bank 2 tensioner is actually upside down compared to bank 1, and the sprung part is underneath (unlike the V6 where they are both spring-side on the top). That would mean that the behaviour I was observing is in fact correct, although that seems very odd to be different to the V6 when the two engines share so much in common.
I'll pull the bank 2 tensioner later to have a look, since its got to come out to clean off the silicone gloop and check for the gauze filter.
I should probably change the thread title to "Should have read the SSP first"