Where is the timing chain in an '84 500SEL?
 

I've been thinking of changing my valve cover gaskets in my engine, as they're leaking a little oil and I can smell it burning when I drive. I think I heard that the timing chain is somewhere near this region, so I was wondering if it'd be a wise idea to check out the timing chain while I have the valve covers off? How can I tell if it's been recently replaced or if it needs to be replaced? I've heard that the damage of not changing it when needbe can be pretty disastrous. Also, could anyone post a step-by-step procedure of some sort to go about changing the valve cover gaskets? It looks like it'll be a pretty straightforward job, but if anybody has something to say to help me out, it'd be greatly appreciated. Thanks.

http://www.peachparts.com/Wikka/M117TimingChain

If you are doing valve cover gaskets, inspect and replace the plugs, wires, cap, and rotor while in there. Also look for any hard/broken/brittle rubber in the area. Just a few bolts and the covers come off. It's pretty simple if you take a look.

You can measure stretch to see if it needs replacement. Also inspect the guide rails upon each head. They should be white... if brown they need to be replaced ASAP. Also replace the camshaft bearing oiler clips, there are five on each camshaft. You can rotate the change a full revolution and look for a replacement link, it'll have something like IWIS stamped on it and be of a different color.

Honestly, if you're asking where the chain is... I wouldn't advise replacing it yourself. A LOT can go wrong