Bad light has stopped play, so to speak, so further investigations in the morning.
There is about 1 1/2 - 2 inches slack which is showing at the minute along the right hand side, so much so that the belt can touch the edge of the timing cover - not good! My initial thought would have been that the tensioner has gone, but don't know how to test it. having said that it is my intention now to fit a new cambelt kit, but I was worried that there was something else wrong. Same old story, don't want to go through all this and get it rebuilt only to find the problem is still there.
I did notice an odd thing though, and think it was on the tensioner iirc. It looked like a weld but was a funny colour. Although it seemed hard to the touch I'm wondering about grease leakage as Kevin has suggested. I'll examine the pulleys better in the morning.
I'll order the kit and new aux belt tomorrow. Whilst it is stripped I'm going to do the rocker gaskets and check the lifters and will need new camshaft oil seals too.