Timing cover gasket leaking

Well guys, if you have been following my Bodyshop project with the "Hoods" you know who I am. I fired up the car last night to let her run for a bit and noticed a little smoke from the engine. This has been appearing during this past summer but after research, I gues its a common issue. I have oil pooling up on top of the timing cover and burning off while running. This will be an in the very near future project with pics to follow. I need some help here though. i was considering replacing the t-chain while there. Can I go with a "noisy" chain set up? Will it cause an issue with a knock sensor (if this model has it)? Its an 89 GT and not sure where it would be located if it has one.