This is the way Mercedes solved it on their SOHC V8s
Works flawless year after year
http://www.ecklersmbzparts.com/diagram/view/index/id/110
That design is typical of OHC timing chain tensioners. They use a chain guide that pivots about one end, with some sort of spring loaded tensioner on the other end. It pushes the guide into the chain, taking the slack out of the chain. Many modern systems that do this, use oil pressure in the tensioner mechanism that pushes against one end of a chain guide. Eventually, the chain guides have to be replaced as they are sacrificial pieces.
So many issues with the chain drive. And no issues at all with the belt drive.
As Jay pointed out, there are a lot of known problems with a gilmer belt drive that have to be accounted for. Also, most people who want a 427 SOHC under the hood of their ride, don't wan't to take a "blue tip wrench" to it. A properly designed timing belt system, has some sort of spring loaded tension mechanism. While you can take most of the slack out of a timing belt in static, you don't want any slippage here. Chances are the cogs on the gears would all stay in the right place, but the belt would stretch just enough to put some harmonics in the valve timing, as we see with the stock chain drive. If your goal is to eliminate the harmonics within the 427 SOHC's timing, you either need to go with a gear drive or have a dynamic chain tension mechanism created.
Jay likes this within his engine, however I believe that this is an uncontrolled variable that is unpredictable, engine to engine. If I had a crap ton of money right now. I'd build one of these engines and study it. But the fact that you have to study it within your engine shows that there is a problem. Not everyone who owns one of these engines wants to have to come up with some sort of testing apparatus in order to understand how it is impacting their engine. Also, not everyone wants the timing to have any variation in it. From a failure mode standpoint, allowing the timing chain to experience a harmonic wave that effects the amount of tension on the chain, is putting the chain through a cyclical loading instead of a constant load. A dynamic tensioner helps diminish fluctuations in loading on a chain, which helps a little to extend the life of the chain. This might not be a serious problem on the 427 SOHC, because an owner likely wouldn't put enough miles on the engine to ever need to worry about a timing chain's service life.