Do I have a timing belt or chain?

The 2TR doesn't have a systemic issue with chains or chain guides breaking. Save your money for other potentially expensive repairs like the manifold air injection pump failing ($1000+ at the dealer, less if you find a rebuild shop).

 

In most timing chain engines (unless you're stupid like Ford), the water pump is not driven off the timing chain, because a leak in the pump would contaminate the engine oil. Consequently there's minimal labor saving to replacing a water pump and timing chain at the same time.

I think a really stretched chain or severely worn guides would trigger a CEL and some cam/crank sensor correlation codes.

 

You are correct. I assumed way too much and stand corrected.

My apologies to flyboy718.

 

^ This.

 

I must have been lucky. I had one of those. 415K on the odometer when I got rid of it. No problems except for having to rebuild the alternator every 100K. 1983 ALT. was different than many of the others.