Success!
The timing cover is out, the bolt is removed. Thanks for all the tips. Now I just need to cleanup the clusterf$^k of aluminum shavings that got over EVERYTHING, and down into my oil pan.
Timing cover carnage:
Bolt after timing cover removed:
The bolt was pretty bent!
I wonder
when it bent. Could it have been bent on installation at Ford back in 1997? Did it bend when I initially tried to remove it? That, and the massive amount of rust, must have been why the cover wouldn't come off after the bolthead snapped, because those threads are quite clean.
Either the bolt wasn't stuck in the block too bad, or Cobra guy's suggestion of heating it hot with propane and then squirting PB into the threads as it cooled was dynamite, because a quick and easy turn of some vice-grips and the bolt came right out, zero issues. I had the propane on it for about 3 minutes. That PB sure smokes like mad when sprayed on hot steel!
Here's a pic of my current timing chain after 161,000 miles. About 3/8-1/2" of slack on the passenger side.
I ordered a complete, new, double-roller timing kit from Rockauto made by Cloyes, I couldn't get it local as I previously thought. It, and JT's bling bling timing cover should be here Monday or Tuesday.
Inside of the timing cover, is all that sludge normal?
I'm worried about these shavings now... Time to clean.