AMC 360 help

Timing chain - remove distributor cap, turn engine clockwise until the TDC mark is at "0" on the timing cover. Then while watching THE ROTOR - very slowly turn the engine counterclockwise just until you see the rort start to move. Then look back at the balancer mark for how many degrees the crank moved before the rotor moved. More than 2-3 degrees is a slopy chain and potential slippage.
Valves (and to some extent chain slippage) - compression readings. If one hole is really low or non-existent and the compression leaks up out the carb - there's your problem. If the compression readings are just really low, the chain probably jumped.