Slipped timing?

After a winter of surprisingly successful wrenching on my '86 240 (+t, clutch, small lift and 215-65r16s, g80 & gearing swap, timing belt and water pump, brake master) today I swapped the M cam for a T cam that came with my +t set up. Everything went pretty well, car fired right up and ran fine. After a tentative cruise around the block, time to go to work and I drive away. About 3 miles up a mountain road the car just dies. When I turn the key the starter spins the engine but its like there is no resistance to it. Under the hood everything looks normal except one of the big vacuum hoses is off, reconnected and tried again- same result.
I think I may have forgotten to tighten the timing belt tensioner and slipped a tooth(or more than one since it won't even start). I came back with tools and tried to fix on side of road for an hour before I really had to go to work with no success. I have the upper belt cover off and can see the cam timing mark and crank timing mark and have those to lined up and it still won't start, same result with some more pops and vapor coming from air cleaner.
Planning on going back in the morning, hoping to drive it home. Hoping to avoid pulling crank pulley to get to intermediate shaft timing marks. Any suggestions welcome, my plan is:
-set cam pulley to timing mark making sure both valves on #1 are closed as seen through oil filler cap
-set crank to 0* as seen on timing marks (making sure its TDC of compression not exhaust by making sure distributor rotor is pointing roughly towards #1 contact right?)
I did both of the above to no avail in my hour of scrambling today, but with no way to see the i-shaft mark that must be off right? I had planned on going back in the morning and blindly trying to adjust the i-shaft a tooth (or more), then found this http://turbobricks.com/forums/showpost.php?p=3383911&postcount=10
Thinking I can count the 44 belt teeth and set the intermediate shaft right?
So first, does this sound like/have symptoms of a slipped timing belt? and second, good plan for the morning mission?

Thread worthless without pics right?

Take a spare belt in case the crank sprocket wiped the teeth.

In which case the cam won't move but the rotor will twitch just a little when cranked.

Thanks Redwood (and thanks for the IC brackets you sold me, worked well with a bit of modification). As I messed with it, I didn't see any teeth missing form the belt, everything turns when I rotate the crank pulley with a 24mm. Other than that plan sounds good?

Sounds like a dowel pin or key might have sheared somewhere?

Provided the belt isn't missing any teeth:

If the t belt is loose, re set the tension (I use a prybar off the WP housing to push the tensioner) and then do at least 1 full rotation. Now backtrack and pop the cam bolt loose while the belt is still tight enough to hold it still. Take the tension off the belt. Remove the cam bolt. Check for dowel pin. If it's there, remove the rest of the stuff and check crank key. If all is well, pull valve cover and make sure the cam is intact.

Could be I-shaft, pull dizzy cap to confirm, but I doubt it if it's "rotating without any resistance"

I torque the cam bolt a bit higher than volvo says. I torque the crank bolt as hard as my 1/2 air impact will go.

Cateran said:

When I turn the key the starter spins the engine but its like there is no resistance to it.

Click to expand...

No resistance? What do you mean by this? Is the engine actually turning over? Does it seem like there is no compression? Not sure how this symptom relates to timing.

DMFWallace said:

I torque the crank bolt as hard as my 1/2 air impact will go.

Click to expand...

Does you go to 10 or 20 ugguduggas? I usually give it around 19 uggaduggas, but my impact is weak.

I've seen shared pins at the camshaft. Screw wasn't tightened enough.
Open the oil cover and have a look while turningk the engine
Good luck, Kay

Thanks for the replies, you were both spot on, the cam gear pin had sheared. Figured it out when I noticed by looking through the oil fill hole the cam lobes were opening a valve when the mark on the gear indicated TDC. Was thrown off the day before by the fact everything still spun together when turning the crank, enough grip still in the cam gear bolt to hold it I guess after it had spun about 90* off. Starter turned the engine but sounded weird/no resistance since there was no compression with the valves open at the wrong time. Also all that blow instead of suck in the vacuum system blew up the 33 yr old brittle plastic brake check valve, leaving a massive vacuum leak there. Plugged hose with a socket extension and drove to carefully to NAPA, all fixed now.

@DMFWallace, does your user name refer to David Foster Wallace? "Infinite Jest" is one of my favorite books, such an amazing author.

Cateran said:

Thanks for the replies, you were both spot on, the cam gear pin had sheared. Figured it out when I noticed by looking through the oil fill hole the cam lobes were opening a valve when the mark on the gear indicated TDC. Was thrown off the day before by the fact everything still spun together when turning the crank, enough grip still in the cam gear bolt to hold it I guess after it had spun about 90* off. Starter turned the engine but sounded weird/no resistance since there was no compression with the valves open at the wrong time. Also all that blow instead of suck in the vacuum system blew up the 33 yr old brittle plastic brake check valve, leaving a massive vacuum leak there. Plugged hose with a socket extension and drove to carefully to NAPA, all fixed now.

Click to expand...

Glad to hear you got it, and also good thing its only 8 valve. Something like this on 16v could mean pistons hitting valves....No bueno.
Nice socket extension fix. I keep a couple small golf tees and a jumbo one in the glovie to plug hoses if needed. Plus I feel like a golf tee or two is necessary in a grandpa car...

Glad you got it figured out and there's no major damage.

Cateran said:

@DMFWallace, does your user name refer to David Foster Wallace? "Infinite Jest" is one of my favorite books, such an amazing author.

Click to expand...

Lol I wish the reason was that cool. The "MF" was a nickname donned to me back in the days of hard, abusive levels of partying. There were a few of us Davids in the circle so we all got nicknames. I became "David Mother ****ing Wallace". It was kinda long and later abbreviated to "Dee Em Eff Dubbayew".

Now it's just "The Office" jokes.

Will look in to "Infinite Jest".