yes that's what's happening. the piston is hitting the valves.
if the timing is off 1 tooth it will turn over. I never tried it 2 teeth off.
cct=cam chain tensioner.
you will need to put the timing back in right before you can test the compression of the engine to see if you did in fact bend some valves. that is if the motor will turn over by hand with it in time.
you can pull the tensioner out to inspect it. there is also a pretty expensive guide in there as well. you should replace them both if you have to do one.
anyway, here's a link to the factory service manual. everything you need to know is in it.