Grizz, the information you provided was great, thanks much! My outlook is grim though. To answer the question "do tensioners fail", yes they do and I'm proof. I called the dealer this morning and, after much discussion, the tech was pretty positive that the valve train noise I was hearing was from a bad tensioner. He did say it is a rare occurrence though. More than likely the damage was already done before I replaced mine. There is always an outside chance I did something wrong but these tensioners are truly plug and play(tech agreed), they're just tough to access.
The really sucky part is he doubted Yamaha would cover anything since I'm the one who replaced the tensioner, but he'll ask. It sounds like my stator is also going.... I just can't see putting anymore $ into this sled. So I'm pretty much left with a parts machine. To say I'm disappointed doesn't begin to describe the way I feel. This has truly been a doomed sled.