I think the point about replacing a water pump might be a valid one. The car has high miles and if it still has the original pump on it then the pump is on shaky ground anyway. Why not do it while it’s apart if the car is going to be kept for a while?
Timing chain problems are usually caused by irregular oil changes and my assumption would be that if things are worn the timing chain and tensioners are not likely going to be the only worn part in there. This leads back to a compression and oil pressure test to make absolutely sure the engine is worth putting a chain in, along with a water pump if so desired.