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No on both accounts... I was planning on replacing the lifters, but the shop that did my work said I'd be throwing money away. I did have to replace two of them thou as they were bad. Even my stock chain was in very good shape with 60K on it.
I would HIGHLY Recommend installing a high strength timing chain.. in fact, I would recommend a double roller set for the hot cam, especially if your milage is high. With a hot cam, you can rev a bit further, and with that loose (just wait till you see how loose!) stock chain, you are just askin for trouble.
I replaced it with a stock chain and Gears It definetly improved the play. On my 92 it would have cost alot of money to put tthe LT4 Extreme chain on. OPTI, TC COVER, CHAIN SET etc. I think it was around 600.00 when done. I do not plan on keeping it at the high rpms all day . Maybe once or twice a month for a few runs on the 1/4 track. As far as lifters only if you need them.
I replaced the one in my 95 with 28,000 and it was loose, My GS chain was also loose at 29,000. I replaced them both with the Extreem chain set and it is way beefier than both stock chain sets. I would replace it.
I would HIGHLY Recommend installing a high strength timing chain.. in fact, I would recommend a double roller set for the hot cam
-Mark
The original poster didn't mention what year car, but if it's a '96, a double roller won't fit without a custom machined crankshaft reluctor ring. '95 and earlier don't have this extra part. FWIW....
You can use any timing set you want really, it's just a matter of how much you want it. If you are going to use anything other than the GM extreme duty or the stock replacement though you will need an electric water pump.
I've even run my with a Pete Jackson gear drive, currently I'm running a Cloyes True Double Roller. Of course I replaced my lifters with comp pro magnums too, I believe that you can't build a valvetrain too solid.