I will let the experts comment on some of your questions (and see
Sheldon Brown's page for more info on this topic), but I have answers for a few of your questions...
Originally Posted by
mtnbke
When you say there was about 1" of play each direction what exactly do you mean? I'm just not understanding...
I was able to push the chain at least 1" (sometimes more) in each direction, with the point of contact being centered between the timing rings on the top length of the chain.
How many regular chains does it take to make a timing chain?
It seems like it requires approximately two regular chains on my bike.