Why are you showing pictures of the spirt levels bubble? It's the holes that are the important thing. that they are inline! It is easer with the cam locking bar I'd lend you mine but the postage would be a fortune. It does sound like you engine is normal to be honest, the belt can go slack at when the engine is off. The Offside cam (uk) the valve springs can keep turning the cam and over time squash the tensioner and put slack in the v of the belt. This jumps back when the engine is cranked over. And it makes a noise when it does it!
The cam chain tensioner on the variators at the back of the engine make a noise on startup.
It is not always a quiet engine on startup! there is a lot about it already on the forums there are some design issues with the 40valve and I'm not that good at explaining them in text but I hope this helps
Dave
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2002 S8 silver with black half leather
2000 d2 S8 in Racing green pearl, RS4 manual gearbox,
2003 A4 avant TDi
1997 Volvo V40 2.0T
1992 Mazda eunos v spec
1976 Reliant Kitten
1965 Porsche 911
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