As above.
First question to ask: does it idle nicely? If so, the timing chain's probably fine, as is the timing of the camshafts. It's also going to be delivering fuel MOSTLY properly. The chip may/will change that as the throttle is depressed, but that's a different issue to timing. Good idle usually means all is probably ok with the chains.
Then I'd ask what it does when the chip is turned off. It shouldn't blow much smoke at all. If it does blow a lot of smoke with the chip off, it's probably under-airing. That could be MAFS (does it have a K&N filter?), it could be turbo (bearings, vac lines, vac solenoid, vanes). K&N filters need to be LIGHTLY oiled, not bathed and hung out on the intake to dry.
And of course if it blows heaps of black smoke with the chip on (and it never used to at that setting) then suspect the same as the previous paragraph, but not as severe (so a slight vac leak, or mild dirt on the MAFS etc).