It sounds to me like your having no problems with the cam adjuster at all other than alittle bit of noise, which is normal, and should not effect how the engine runs at all. A 220 really isn't that powerful of an engine and usually does take some time to pick up speed. Perhaps your having some other runabilty problems that might be causing your engine to lack power, but I highly doubt your cam adjuster has anything to do with it.
What your looking at under the hood, under that black cover, with three screws holding it on and one connector plugged into it is simply the magnetic actuator for the cam adjuster, and not the cam adjuster itself. This will have absolutely ZERO effect to any noise that the cam adjuster itself would make. The cam adjuster is actually under the valve cover and upper timing cover. In order to replace this, you would need to remove the valve cover, upper timing cover, and chain tensioner (which many times means removing the alternator). You would have to lock the timing gears, loosen the chain, replace the mounting bolts, yatta yatta yatta. It's a huge process and takes several hours to do.