does this 360 t chain look too loose?

"Is this alright? Parts are new and cam as stated is degreed. Is 3/16 to 1/4"acceptable?"

I believe the procedure illustrated is for checking a 'used' chain to what are called 'service limits', which is the loosest a chain can be before requiring replacement. Factory service limits are preeeetty loose and I personally would not even think of starting there with new parts. You gonna have plenty of potential for timing slop if this stays in.... your loping cam may be a 'flopping' cam! Good that you asked.

When the cam was timed, did they put in a cam button to set the cam timing? Do you know the value perchance?

(And, despite the snide comment above, most are trying to help; that comment is not necessary, and only reflects a single opinion.)