2.25 diesel timing chain replacement

I'm looking at replacing my timing chain in the hope that I'll get a little more umpth out of it!

Questions are:-

1/ Will just adjusting the timing help with a worn chain?
2/ I can get both sprockets, chain, and blade slide for just over £20 from Famous Four, but they are pattern parts. Original will cost IRO £100. Which should I go for (Budget is tight)?
3/ Will this cure also cure my grey/white smoke when the engine is started/cold?

Thanks for your help.

Have you checked the timing? If the chain has stretched you will be running advance so yes adjusting the pump will help, if you can turn it enough to compensate. Is the smoke only start up? If so you probably need a new set of valve stem seals or maybe even valves and guides depending on how worn they are. £20 seams a bit cheap to me how much do Craddocks want?

I've struggled for ages with smoke. In the end needed a new can shaft as the vertical drive gear worm was worn so could never get the timing right.