It doesn't affect the gear ratios, but it does effect the length of belt between the drive gear and the driven gears, so it could throw it off. But when we put the belt on, we measured the cam timing as accurately as we could and found no error. I sure wouldn't be surprised if it was actually off by a degrees or two, though. I think the error would be in the retarding direction.
How is performance affected if your cams are two degrees behind -- does anyone know?
