This engine's timing chain slack is about 3 degrees with about 124K miles, so not enough to worry about.
IF THE IMAGE IS TOO SMALL, click it.
To check slack, remove the distributor cap & rotor, turn the engine forward until the pointer is at exactly 0 degrees (TDC), install a long pointer wire on the distributor shaft, then turn the engine backward VERY slowly just until the wire barely begins to move. Then read the chain's slack in degrees from the timing scale. My opinion is that ~2~5 degrees slack is OK.
5.0L/5.8L Timing Pointer F1TZ6023A/E3AZ6023A, Jegs
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