The easiest way to check the timing chain is to pull the fuel pump off of it. It's on the passenger side of the timing cover, right under the alternator. You can stick your finger in the hole, and see how slack the chain is. It will probably scare you when you find out how sloppy it is....lol. Your water pump may be leaking out the weep hole in the bottom of the shaft housing. If you change it yourself, be careful not to break the bolts that are to the far left and right of the water pump. They go all the way thru the timing cover, and into water jackets in the block. They are bad to rust up and break when you attempt to remove them. Work them back and forth as you remove them, and have patience. Buy an Edelbrock double row timing chain from Summit or Jegs to replace the crappy plastic covered gears on the factory chain. You won't hear a difference in noise. Be sure to drain the oil, and make a wire hook to reach up thru the drain hole in the oil pan, and dig all the remnants of the plastic gear out before refilling it with oil. Hope this helps, and good luck.
