I'm glad you're not one of those to slap it together, get it running and pass it on to someone else. Let them deal with it! ;-)
Attacking the chore with the correct expectations is half the battle right there. If I think I'll get it running this afternoon and it takes two days more, I'm not real pleased. But if I figure on two days and it's done this afternoon, then I'm flipped out.
Same here - realizing the scope of the job gets rid of unrealistic expectations.
I'm sure I'm not the only one here who appreciates your taking on such a project - it's all too easy for guys to look at it monetarily and figure it's not worth it and part it out. You'll probably not get your time out of it, but the satisfaction will make it ok.
The timing chest is the piece just behind the timing cover - or front cover. It requires removing the diode board, rotor & stator, and bean can (ignition sensor). You'll need the special rotor removal bolt - don't use a gear puller! I've seen what those do to rotors!
It's a fairly easy job getting in there. It's more trouble pulling the transmission to check out the oil pump, but still not horrible. It's easier pulling the rear engine mount bolt than moving the swing arm back when pulling the transmission.
And, as a word of caution, before removing the flywheel (the flywheel must be removed to access the oil pump), block the front of the crank so it can't possibly move forward. Major problems can ensue should that not be done.
And don't worry about bugging us over every little thing - some of those 'little things' can turn into big nightmares if not handled correctly. These beemers are funny that way. Mostly they're very easy to work on, but there can be booby traps. Some important things are glossed over in the manuals and other unimportant things are made to look very critical. They'll tell you not to re-use bolts or fasteners when it really is ok, and then others should be replaced, so you never know until you've been there. Practices have changed over the years and there have been subtile changes. You can look at two parts and think they're the same (why would they make them different?) yet one will work for you and not the other. Don't assume anything!