Not a job for the faint of heart, but I took my time, used the proper cam/crank locking tools and everything seems fine. She purrs like a kitten now (after about 2 seconds of chain clatter upon first start up). While I was at it I replaced the water pump and t'stat, too. Temp gauge stays pegged in the center of the gauge and...fingers crossed...no oil or coolant leaks.
I'm amazed at how much smoother the car sounds. My old timing belt and sprockets were worn, but didn't seem that loud compared to some of the videos I've viewed that were posted here. Guess they were pretty worn.
Thanks to everyone who participates on M42club with the advice/posts on this topic. It certainly helped give me confidence to tackle a fairly intense repair on my own. And thanks to Peerless for responding to my PM and dispensing good advice. I used the Permatex liquid gasket sealant on all gasket sealing surfaces (couldn't locate aircraft sealant that Peerless recommended locally). It certainly prevented the usual squishing that a bead of RTV will create.
New exhaust hangers - $$
Timing components - $$$ (plus $$$$$$$ in sweat equity)
Upgraded suspension - $$$$
Flogging my 318i at auto-x - Priceless
