Not to disagree with Steve, but I had no idea if the chain was ever changed on my 560 (I bought it at 166K) and the chain I removed was very loose and sloppy. Laid out straight on the deck, if I lifted it up at the mid-point, I could almost lift it one foot of the deck before the ends lifted. That seems to be alot of slop. It has been mentioned before here that you can see the wear by holding a t-chain out horizontally on it's side - the V-8 chain is too long to try (trust me I tried) as it's 6 feet long. If you have no oil change history on this car, I'd be safe and change the chain anyway.
I do know the upper guides on mine had been changed as they were installed incorrectly. Should have one long and one short in the left head and another long one in the right head. I'd replace the guides before rolling in the new chain.
Parts: T-chain, tensioner, upper guides, valve cover seals. Plus, a new set of belts all the way 'round, since you'll have to pull them off anyway, and might as well change the power steering filter and fluid (although you don't have to drain or remove the pump from the car, just unbolt from the block).
An easy weekend project for an accomplished DIYer.
'73 280SEL 4.5 (9/72)- RIP
Only 8,173 units built from 5/71 thru 11/72
'02 CLK320 Cabriolet - wifey's mid-life crisis
2012 VW Jetta Sportwagon TDI...at least its a diesel
Non illegitemae carborundum.