So last fall I was driving home and I thought a threw a rod, or busted a piston ring. Car was driving fine when all of the sudden she got quite noisy and lost power. Long story short, I pulled the motor, disassembled and found every timing chain guide either cracked or broken, with several largish chunks in the oil pan.
I'm in Alaska, and apparently I've got a snowball's chance in hell of coming across a used motor up here, so I started perusing the internets. Eventually, I took gamble on a motor that supposedly had 200lbs compression when pulled, and was priced at $700 + $300 freight. Again, being 2700 miles from the mainland doesn't help in this department. Pulled the trigger, with a 90 day warranty I started hoping for the best. BTW 'hoping for the best' in my automotive life has always had mixed results, so I don't recommend it.
A week later I was looking at a 'new' used engine and it didn't look all that bad. Motor was relatively clean and complete minus Alternator, so I new I could at least recoup some money selling parts I wouldn't need anymore. After a few weeks I had the 2nd motor installed, and much to my chagrin the thing was loud as hell when I started it up. Now, as a back story my 318i was loud before. I'd gone as far as posting to forums asking if it was normal for these things to sound like a diesel. I probably even had someone recommend I replace the timing chain tensioner, but I could never accept that this much racket was coming from a loose timing chain. So when I started up this motor and found it to be as loud as my old had been before it "broke", I was thoroughly disappointed.
Needless to say, I dropped $40 on a new tensioner, popped it in and the thing now purrs. This is good news as long as I forget about the fact that the old motor probably would still be kicking if I'd dropped the $40 when I first bought the car.
So the moral of the story, if you buy an M42 and can't believe how much valve train noise there is, replace the timing chain tensioner. For that matter, if there is any replace it. It's $40 and takes about 5 minutes.