Thank you sheepdog for this info, it really has been helpful. You are pretty good about these things. I apologize in advance for being a newbie. I'm 40-something, work part-time at a body shop, have been doing all my own mechanical repairs since high school.
I bought a 1991 318ic from craigslist. Paid $450 for the car knowing the top was bad and some accident damage (need a passenger side door+partial qtr, anyone?)
Was told it ran fine, but surprise, surprise, when the car was delivered from Cali to PA, there's the awful diesel clacking racket and the oil pressure light stays on. The car DOES run and idle, does not miss out the exhaust. Doesn't run too well under load though. No water in the oil, etc. There's a lot of oil around the oil pans, upper an lower, but the oil level on dipstick is fine. Perhaps someone knew there was a problem and kept driving it? Miles are about 120K.
OK, Say I pull the lower pan, and worst case, the upper pan shifted, the oil pump got fried. I'm pretty good at finding used parts, we have a few "pull ur parts" here, I can find a replacement lower chain cover (since the one in there is probably cracked like yours was) and replace all the timing chain parts with new. I can replace the oil pan gaskets because I suspect something shifted, thus all the oil over the pans.
Since the chain didn't break, can this engine be revived and give me good service? Or should I just scrap it and try to find a new one?
Any checks I can perform to tell before I rip into it?