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"And, why would a relatively new timing belt, that appears to be in pretty good shape, jump a notch or two?"
Could happen if the tensioner wasn't reset after the first 600 miles as advised.
It happened to my son's 240 (for this reason, I assume). As well as I recall, he said it died just after he passed a car. My guess is that backing off on the pedal somehow let the belt jump several degrees at the crank sprocket. The Cam and Distributor (separate drive sprockets on 240) were still in time with each other.
I don't know what FAQ page you're referring to, and frankly don't have time today to dig thru that [unalphabetized] Table Of Contents. Hopefully, someone will answer that question for you.
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Bruce Young '93 940-NA (current), 240s (one V8), 140s, 122s, since '63.
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