Engine Timing problem and question

[dgristle]

So I am hoping someone here can help with my question. I have an 2001 boxster S that is having an issue with Timing. I found the DIY on setting timing here. My timing in bank 1 looks like the photo where the timing is off and the slot is NOT vertical. So I adjusted the timing as instructed, and after doing so I am on the edge of the slots with no more room for adjustment, this seems to me to be not an optimal place, but it is working.

So My question, What would cause 1 side of the engine to be out of time and not to the point of triggering the CEL? Is this something that normally happens? Should I be worried of a bigger issue?

Here are the things to rule out for sure.
1) No it is NOT the IMS, this was my first thought so I pulled the tranny and clutch, bearing is still perfect, but I went ahead and replaced it with the LN bearing.
2) I don't believe it is a bad vario cam, I base this on I pulled the cam cover and inspected the tensioner. The chain guides look new, I don't see any wear on them to indicate a failure there.
3) I pulled the sump, there was nothing in the sump to indicate chain wear.