Welcome Bill,
I would concur with Phil & George.
Most have been fooled at one time or another by the sound of a timing gear failure, thinking it is something much more serious.
The gear is not difficult or very expensive to replace yourself if you have the reasonable mechanical skills, will, patience and a decent shop manual. With a car that has an unknown history, I would change the gear anyway. It is easy to find parts for these cars from on-line sources.
If you are not familiar with these cars, invest the 20 bucks for a Haynes manual. The Haynes does a pretty good job. Don't bother with a Chilton's manual in my opinion.
Enjoy your find!
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Tom - '60 544, '68 220S, '70 145S, '72 144E (formerly my driver, now parting out), '86 745T
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