Motorcycle Repair: 78 CB400 Timing, cam timing, cam gear

Question
I was wondering if it is possible for the timing chain to jump a tooth and not hear any indication that something happened?
I had bike running (2 kicks, even elec start), ran out of gas, refilled, started again with 2 kicks no problem, shut it off (kill switch) and hasn't started since.
Have good compression, carbs have been rebuilt @ local shop, good spark, getting fuel to cylinders. At times it pops, will backfire through carbs and acts like wants to start but just won't catch. That lead me to checking the timing marks: I took off the appropriate covers, lined up "T" mark according to service manual (TDC) and proceeded to check timing marks alignment on cam. They do not line up to the flat part of the head as supposed too. The one on the left is below the head, the right appears to be off @ least one tooth.
Is it possible to reset the gear or cam/gear to reset the timing properly?

Thanks in advance for any help that you can provide. I've been looking all over for a solution and the timing is only thing that is making sense.

Answer
Jeremy, If camchain tension isn't maintained regularly, it is possible for the cam timing to jump a tooth, especially on a shut down situation. Checking compression readings will probably reveal lower compression than specified on both cylinders.

You are going to have to find a way to lock the tensioner in a position where it is slacked off while you reset the cam timing. The tensioner is "automatic" (spring loaded) so you would need to reach down along the tensioner from the top (valve cover off), release the locking nut, then push the tensioner backwards, to gain some slack, then lock the nut in that position. Loosen the two cam sprocket bolts, drop the sprocket off the camshaft long enough to move the sprocket one tooth on the chain and then put it back onto the camshaft. Verify correct cam timing and loosen the tensioner again to regain tension on the chain. If the bike has lots of miles on it and/or has been running loose for a long time, you may not be able to fully tension the chain again without chain and/or tensioner replacement. When these chains stretch out too much, they become loose on the sprockets, no matter how much tension you have on the chain.

http://www.cmsnl.com/honda-cb400t-hawk-usa_model1011/partslist/E++05.html#result

Check the tensioner and guides for damage/broken components.

The other overlooked maintenance item is the balancer shaft adjustment. You have to pull the clutch cover on the early bikes to do that step, though.

Bill Silver