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If the the timing chain has slipped a few teeth then you probably would be having some backfiring problems. My wife had a Grand Am (pre Quad 4 days) that had the timing chain slip and resulted in a bent valve. If you are going in to do a head gasket you might want to at least eyeball those. Chain or belt is equal danger in my book and yeah if you have it that far apart you might as well do the chain. The danger is when a chain or belt breaks the cam stops turning and you may have a valve open as the piston comes up to TDC. Most times the spring pressure on the valve will reseat it, but it may not be fast enough and the odds are that one lifter will still be on a cam lobe. OHC engines may be a little different and I don't know what the piston to valve clearance is on those. Sounds like a lot of dirty work though......I wish you well.
-Spartan
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