No it may not be that far out, maybe a half a tooth and not actually out just out of adjustment, but if you havent got the bolts in the middle of the slots when you tensioned the belt you cant adjust the timing enough on the slots to get the timing spot on.
I did the exact same thing on my 200 into s2 conversion, bloody white smoke meant retarded timing and as I had no adjustment left it meant strip down again to get it right, not the end of the world but a lot more time consuming on a series than a defender.
You only have to remove the little round plate to get access to timing hole on the inj pump.