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A lot of people just replace the chain But I would replace both the cam gear and the crank gear also.
Not doing so is like replacing a bearing and reusing the old race.
LS1 chains have been known to fail and cause much more than just a broken chain (smashed valves, bent push rods, bent rods, etc). I am just looking for some security since I will be throwing a blower on soon. I will be sending Gene a message in a few!
The OE LS6 chain was the same as the LS1...but about 4 years ago, the beefier LS2 chain superceded all of them as the stock replacement part for all gen3/4 LS engines.
You don't NEED to replace the sprockets, the chain is the same length/pitch...but if your stock parts show any wear, it would be a good idea to renew them.
If you are looking for some extra insurance might want to check out the katech C5 timing chain. Same one they used on the C5R race cars. Never broke a chain. More costly but may be worth it.
Might also want to consider installing a timing chain tensioner. Bill Curlee put up a good post on this subject.