Operation /6 - Where do I begin? Fix it or yank it?

Do yourself a favor and look for a factory service manual.E-bay,Craigs List or ask in the parts wanted right here.Be willing to read,,and re-read. It will tell you everything you need to know.
Back to the timing chain,,on the large gear are any of the teeth chipped,broken or missing completely? If not and you don't see so much slack in the chain that it is possible to skip the teeth on the lower gear,, I would look elsewhere for the problem.The distributor drive gear on a slant is plastic and may be worn or broken.This will act just like a timing chain problem.Form the looks of your picture even though not the greatist , I don't think the chain caused the problem of the engine not running. But it's apart and they don't cost much so I would install new parts.I have great respect that you are willing to take on such a challange knowing little about cars.We all got to start some where.Go for it !