Timing set is done. Loose chain turned into a very tight chain. Tight enough it got harder to turn the engine over. The timing cover casting is just as crummy as I remember it. The one thing about this dirt simple engine that's just stupidly complicated. I don't know what they were thinking casting a large spacer between the water pump and the timing chain. Then running the water channels through it. And then throwing in a separate backing plate on the water pump. Either of which can easily leak coolant into the oil pan. It seems like a useless combination of bolts and gaskets guaranteed to cause problems periodically. [/rant]
Anyways, it was a fun job. I'll take internal engine work any day over rusty bodywork.
Here is it with the water pump removed.

My original timing mark for reference. IP on top, timing cover on bottom.
In order to change the gears I need to remove the housing. Which means I unbolt the IP and lose my timing reference.
Front side of the casting.

Back side.

It's quite beefy for a glorified dust cover.
The target.

Going back together.
The new chain was a whole lot tighter than the old one, and the marks weren't lined up previously (so maybe the P.O. had adjusted for the stretched chain?). The almighty interwebz recommend a line thickness or two between the marks. Among many conflicting answers. I pulled the marks a hair closer together but left it still a bit advanced. Lacking equipment to properly set timing I'm stuck guessing and checking if it's not right.
Back together, using the old pump to secure the permatex while it cured. The new water pump somehow got crossed off my parts list without me actually ordering one.

I also wound up with two crank seals and no seal for the oil fill.
They'll be here soon.
