Timing Chain Slop

Unknown

I’m replacing my water pump and I’m at the point where I need to remove the timing chain.  I notice that it has about 1-1/4” slop, which seems a bit liberal.   I have a spare NOS chain – is this the time to install it?

 

As an afterthought, is there anywhere else on the car where I’ll need a 1-9/16” spanner other than the starting crank jaw?

 

Cheers……. Peter