Where did you read there won't be valve damage? Every American V8 that I know is an interference engine. I've only seen one or two instances where something like this didn't bend valves. If I were you, I would get the timing chain set on it and run a compression test before you put the cover back on. At least that way, you'll have less work to do if you have to tear it down. I hope you don't have to, but it's unlikely.
