Check the thrust on the crank. If you have lots of movement, you likely have other problems. If you want to take the oil pan off, plastigauge the the bearings. If they are loose, you're not going to have good oil pressure and you'll be taking the thing out again soon. Check to see if the inside of the oil pan looks gunky. If it's full of sludge you can expect the engine to be poorly cared for and pretty much know that it will need attention.
It's easier to do a compression and leak down test with the engine mounted to the car or (if you're lucky) a test stand. The resutls will let you know if the head and/or rings need attention.
A floppy timing chain can be OK, but it can also be bad. Inspect the chain and cover and see if there is any visible wear or signs of contact. If the chain is flopping around and striking the housing it is time to replace. The amount of play in the chain is directly proportional to the stability to the ignition timing. Lots of play = very jumpy timing = erratic idle.
Hope this helps.