Check the wear grove and rubber sleeve for condition on the ballancer. I would deffinately replace the timing chain and gears. Little warning, timing on a y block is like no other, that I know of, although there are probably are others. Timing marks are to the drivers side at 3 O'clcock, 12 links apart. count the links, mark with yellow marker, or something easily seen, before you install, so you can see you've got it right, once it's together. I would also mark the sprockets the same way. This really is not that hard to do, and you don't have to pull the pan. I would take the truck to the car wash, use degreaser on the engine, especially on the whole front area, let it soak. Then blast it as clean as possible, from top, and bottom. If it's still not clean, The, I suggest, a small wire bush, a gallon of mineral spirits from Walmart, a coffee can, a long bristle parts cleaning brush, a parts scraper, and a scredriver, you don't ever expect to use again. Is this neccesary, if you don't want to pull the pan, I think so. What you will have to do is, pull the water pump off, then pull the timing cover off, of both the pan and front of the block. not an easy thing to do. The pan is a big catch basin for all the grit and trash that you drop into it. Now, befor you try this, let me warn you of the problems involved. On the bottom of the timing cover, there are alignment dowels, for the block. If, you can manage to get the timing cover off, without, damaging the pan gasket, you will be fortunate. Whe you buy the timing cover set, for replacing the timing cahin and gears, it comes with a gasket, that fits the short front section of the timing cover. Now, imagine if you will, trying to compress this gasket, cork being what it is, while trying to shove the timing cover back over those dowels I mentioned before. You have to compress the cork, enough to get by the dowels, and get the cork to either slide back with the cover , or the cover to slide back over the cork. Which nightmare, would you prefer dreaming about? Should you like other other choices, here are a couple. Your lucky, the old cork doesn't break, you install silicone, just before puting on cover, and everthing goes back on like clockwork. If this happens in your world, you don't live in mine. The other suggestion, is formagscet, which you apply liberaly, but use your head about it. let it set up for awhile, then carefully, install the cover. One other thing you might try, before you remove the cover, loosen some of the block pan bolts, while taking out the cover pan bolts, and try and work the pan loose from the cover. What the guys aren't telling you is, that droping the pan is a snap, but puting it back on is another, maybe smaller problem. This is because of the oil pump, and pickup tube in the pan, that comes out the side of the pan, to the pump. It is difficult to get one of these things to stop leaking, should it start. If you don't get it right the first time it will leak, and it's a sure thing you will have to take it back apart to fix it. Incidently, your block should be black, and so should the timing cover, if I'm not mistaken. Valves covers should be Ford red. I think that's the right red anyway. I'm unclear, as to which bolt it is you cut, but if that cover has not been off for 85K miles, it would not harm a thing to do what you suggest, but it sure would be tacky, and the truck most likely woud run a lot better, with a new timing chain. You might be pleasantly surprised.
Rich