@colnagoc59: It's not comepletely clear to me if you you're using a Campy chain properly connected with a pin that gets peened, hence not removeable, or if you're using a quick link in the system allowing you to remove the chain for "thorough cleaning" like you wanted. In any case, I don't think that's the issue, although it would be good to see a pic of your chain length when it is in the small ring up front and the smallest cog at the back showing the gap between the upper pulley cage and the lower pulley... I find that a chain on the longer side is better than a chain on the shorter side of things...
And yes, you should toss that piece of cheese of a derailleur hanger, especially since it's been bent around a few times already and get a Wheels Manufacturing replacement asap regardless of whether this is the ultimate issue or not.
Cervelos of the past had very short chainstays, like 399mm, when campy's min recommendation was 405mm. But I think your Cervelo has 410mm chainstays which should be ok.
It doesn't sound like you're completely familiar with dialing things in, but your questions about which way to tighten or loosen the cable and it's effect do indicate that your understanding of how it works is correct, so that's good. I don't know if you're using bars with internal cable routing or external and what kinds of bends are present. I hope the cable routing doesn't involved over the top and through the top tube routing like Cervelos of the past. That is such an awkward cable routing and just makes dialing in a mechanical system even more difficult. I can't stress enough how important clean, smooth cable runs with as few and gradual bends as possible is for a perfectly functioning mechanical system. With electric it doesn't matter as long as the current flows. I suspect your issue is a combination of friction in the cables and that cheeselike hanger that doesn't seem to stay straight at this point. First step is definitely to get a new hanger, and you seem to be on that.
One other thing that hasn't been mentioned is if you have the derailleur upper pulley as close to the cassette as possible. You do this by adjusting the "H" screw when the chain is on the smallest ring up front and the largest cog at the back. Some people might call this screw the "B" screw but the new campy derailleurs have two screws, one at the derailleur hanger stop and another at the lower pivot of the derailleur itself (the "H" screw). Ideally, you'd like to get the distance between the upper pulley and teeth of the cassette as close as possible (5-7mm)... note that the distance shown here between the teeth is even less than 5mm, and this is with an 11/23 cassette, the most difficult combo to get this distance right. Even Campy states that with the 11/23 cassette it may not be possible to get it that close and it's normal. But if you can it's better...
And a little more of the pic above to put things in context as to what you're looking at....
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