06 cobalt ls. Long story short...how much deflection between cam gears (with guide off) is acceptable? I have .500-.600" when slack is present. The tensioner is working and chain is tight below the sprockets. Thanks.

 

Depends on where in the rotation the cams are.

How new is the tensioner? If you don't know, replace it. When they get worn and stop holding the chain taut, it breaks guides. Quickly.

 

Had balance chain, timing chain, all guides, tensioners, and water pump changed for the first time at 165k which was 7k ago. It was all Napa parts. Tensioner is the updated version . I had no issues but it was past due to get the work done. Start up was much quieter when I got it back and recently it will occasionally make some racquet at start up for a couple seconds and it is from the timing chain side.
I know there is slack at certain points and that's where I checked it. The chain is 100% tight when all timing marks are aligned.