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You've come to the right place. This is a fairly simple job, if a bit time consuming the first time in. You can search timing belt replacement and "rope trick" here and get a plethora of answers. You and your friend can then judge if you are up to the task. I would recommend the following possible additions to replacing the belt as long as you are in there cleaning up the mess.
1. New timing belt tensioner. If is anything less than perfect, change it out. Less than perfect is any roughness or noise when it is spun, any side to side play in the bearing, or anything that will lead you to believe you will not have to get back into it in another 50k mi. They are cheap enough at about $45.00 to just do as a matter of course. IPDUSA (ipdusa.com)sells complete kits that have all the jazz I'm alluding to here.
2. Seals for the cam, crank, and layshaft.
3. New water pump, belts, and hoses, and hose clamps.Obviously change out your coolant at this time. Green stuff is fine.
4. Check your accessory bushings for oil contamination, and change them out if they are looking suspect.My personal favorite is poly bushings, but they come at a premium price.
5. Make sure that your crankshaft pulley is in good shape. If I recall, these have a rubber section in them which can give up the ghost. You'll have a chance to inspect it when you are changing out the crank seal.
8. Good luck, we'll talk soon, I'm sure.
6. Check your fan clutch for worn out bearings or any looseness while you've got it off the car as well.
7. Write down on a place that is visible inside the engine compartment when the next belt change is due, and smile that it is a long way away when you are done.
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