How much timing chain slack is ok?

I just pulled my timing cover and measured movement somewhere around 5/8" midway between the cam and crank gears. This is a newly professionally built LT1 with less then 500 miles (hard miles), and I beilieve that it is a cloyes billit steel rollor style with 9 crank keyways (one for a normal chevy 350, I deleted the gear driven water pump). Should I be concerned? Is this too much play?

Thanks

 

if that is happening in 500 miles put a gear drive in it

 

gear drive = false engine knock, and on a EFI LT1 with a knock sensor would cause timing issues.

This 5/8" was measured deflection in between the cam and crank gear, and I do not know how many degrees of slop it turns into at the crank or cam gear.

Does this seem bad for 500 miles?