I wasn't losing power steering fluid, so it was down to the tensioner, which I replaced today.
Took 20 minutes the first time and 10 minutes the second time.
Why twice? I didn't hear any click upon rotating the engine (windy, noisy outside). The latch hadn't tripped - so it's good I pulled it out to check!
The second tensioner installation took place inside my quiet garage - Good thing!, that is a very tiny "click" upon release. The release was confirmed upon turning the engine clockwise wherein the "ratchet" component of the plunger was heard "clicking" repeatedly (4 times?) as the plunger extended while taking-up the cam chain slack. I started the car and it runs and sounds normal - Success!
My notes:
1. Fully torque tensioner nuts before turning engine and releasing tensioner. The tensioner ratchet stops the plunger from ever backing up - further seating the assembly (once released) would over-tighten the cam chain. A re-check, or re-do means fully removing the tensioner to ensure the plunger is locked back with the tiny hook before re-insertion.
2. I didn't use ANY gasket sealer. There is essentially no gasket surface! The flange is as narrow as 1/16" on my new tensioner. It went 150K last time with only the O-ring, so thats good enough for me. I'll still watch for any leaks.
3. I rotated the engine by turning the nut/bolt on the alternator pulley. The new tensioner released upon turning the engine backwards (counter clockwise) and the plunger then extended - clicking the ratchet, immediately upon turning the engine clockwise as viewed from the passenger side of the engine.