Since it has high hours, I would bet money it's a timing chain. Be careful you don't run it too long, I think yours is an ''interference'' engine. This simply means that if you timing chain snaps, or jumps off the cam gear, the valves will become out of time and hit the piston. The valve(s), will bend, and put a nice big gouge in the top of your piston. This of course would cost even more money, so If I were you, I would replace the timing chain, and while down that far do a top end rebuild. But it's entirely possible your timing chain is tight, and you just need a valve adjustment. The only way to know for sure is take it apart. Good luck!