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That 400 is an M119, twin cams in each head. While I will tackle timing chains at home, I wouldn't want to do a 119. I did get the chance to "assist" at my local indy one day on a 119, very tough job without the proper guide. Instead of just keep two cams and a crank in time while rolling in the chain, you have to keep four cams in time. $1K is probably a tad on the high side, but I prefer to guesstimate high.
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Mike Tangas
'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.
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