Its sounds like your timing chain guide is broken below your view. mine broke about 3 weeks ago, cost me a new timing chain assembly (crank & cam gears, guides and chain) some JB weld (to fix the crack in the front cover)2 head gaskets, #4 intake vavle (<<my fault) 38/38 weber carb+offenhauser intake, and oil. all in all about $500+ dollars. bwst thing to do is buy the timing set, but make sure to buy a head gasket,oil pan gasket, sealant (right stuff silicone or gaskecinch) and a 18 paxk of beer before its too late.
