1975 Z1 Cam and chain alignment

I'm putting my cams in and I made sure:
The crank is at TCD
The cams on #4 are facing inward. 
The chain is exactly 28 pins away from the tiny mark on the exhaust cam (not including the pin that is ON the tiny mark.

 but both cams look slightly rotated counter-clockwise. The crank is lined up. If I were to rotate the cams one tooth clockwise, would be too much?
 

The little arrow on the exhaust cam sprocket and pin zero are lined up with the cylinder head / valve cover joint?
Are you using your factory service manual for the correct procedure?
You shouldn't be using the cam lobes to determine your cam positions...

The cams are certainly retarded by at least one tooth so you need to re check the timing.
If the cam sprockets are stock and not slotted the arrow on the exhaust sprocket and the notch in the end of the cams should be parallel with the top of the head when the crank is at tdc.

All the times I've set cam timing I never noticed where the notches in the cam ends were! Guess I was so focused on the arrow and counting pins I didn't notice.  Learned something new today.  Thanks Rob!

I always use the arrow on the exhaust sprocket and count to the 28th pin on stock sprockets. Never has fail me yet.

To start counting the pins start with the next one above the arrow. I like to have the chain on an odd link at the arrow then count to 28 by twos.