How much free play should new timing chain have?

I spent $50 which at the time I incorrectly thought would be decent quality. Obviously I was wrong. I think I have seen you recommend the Cloyes street billet true roller before which Summit has right now for $93.00. I also think I remember a post where you referred to advancing the stock 318 cam for a little more low-end without really hurting the higher end. Not like there is much up top to lose anyway. I've tried finding the post I remember multiple times and cannot locate it.

Yup, that sounds like somethin I'd say. lol I wound't advance anything without a degree wheel, regardless.......and if I went to all "that" trouble, I'd unbutton "the other half" and recam the thing. Course, then you open the valve spring can of worms and "all that" so, if you're not ready to do all that, I would simply replace the timing set. If it was mine and I was lookin for more power, I'd go ahead and bite the bullet and just do a top end job on it. It likely could use a valve job anyway and while the heads are off, you can upgrade the camshaft and install the matching valve springs. Just a thought.