m103 Lower Timing Cover Questions

[liquiddog]

I ordered a KTC flywheel lock so I'm covered there. Questions:

1. Is there a gasket or does it just take sealant?
2. Does the oil need to be drained beforehand? (Had to ask)

I'm hearing a gnarly noise at around 2k Rpm coming from the upper timing cover with a stethoscope. Thinking the guide rails are toast. Going to change those, the chain, and pop on a new crankshaft seal while I'm in there.