When I first thought to go to the internet for advice I posted in several locations as not everone looks at every post on every forum. excuse my haste but I have got fantastic responce real fast. A great big thanks from all those who have been a great big help.

Ok I ordered the new timing gears today and chose to go with a pre 70 set as advised by others on this forum and over at Fordtrucks.com. and fordtruckworld.com Also learned at the shop that is bringing in the gearset, that I should pre soak the chain in oil overnight to totally lube the links. Thing is when you start it up for the first time you can lose a degree or two right away as there is no pressure oiling inside the cover, only splash oiling. Sounds reasonable to me. Did not take the cover off yet as I ran out of daylight last night and its pouring rain today. Also thanks for the tip that the timing cover is aluminum and more often than not will be rotted or warped and thus the leak. Cost to replace is $125 Canadian bucks, that's about 37.50 USD. Thing is they are rare, cant even get one through Ford.
Thanks again to those who offered advice. I'll let you know if I gained performance.