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The short of a long story is that I've got the timing cover off of my 5.0L and have an opportunity to put a new chain in. Problem is, the truck was running great before cover removal. If I put a new chain on will I have to retune/retime the engine? What's the best proceedure for replacement?
Are you planning on replacing JUST the chain or the entire gearset? Either way, make certain the marks on the gears/sprockets are aligned before removing anything. Otherwise you will have to find TDC and cam position again before you reassemble everything. If you put everything back the way it cam off, everything should work just as it did before only with a tighter, newer timing chain. Its always a good idea to at least check the base timing after replacing these components just to compensate for any differences caused by having a new and tighter timing set in there.
Replace it (chain and gears). When I had to remove my timing chain cover to get at a broken water pump stud, I replaced the timing chain and gears since it was open. It's one of those things that, even if it is working well at the moment, if it is old and you have the cover off anyway, to go ahead and replace. It's under $100 for the parts, and if you don't do it now while it's convenient, you will wish you did it if your chain ever does jump and maybe even wrecks your heads or other parts when it does.
As greystreak said, re-set your base timing afterwards. There is nothing else that you would have to do other than that.
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