2000 Mustang GT, I changed the timing chain guides and tensioners a couple of years ago. Noise was gone and it ran great. Untill this weekend, When the car warms I hear the same chain noise I heard when the guides were cracked.

I took it apart and there was some slack on the right side ("R" tensioner)

when I rotated the crank to get to TDS, I notticed the chain tightened aganst the top guide then after a few more 1/4 turns with the rachet wrench the lower guide takes up the slack and all looks good. A few more turns of the wrench and the slack is back. This cycle repeats as long as I keep turning.

I assumed the "R" tensioner was bad so I replaced it. I gave it a couple of turns and the chais still goes slack and tightens.

The left side stays tight and does not go slack as I would expect.

Any advice?

 

Normal. That tensioner doesn't tighten up until oil pressure is running through it. If you crank it over with the cover off, you will see.