Installing new timing chain on a 318, questioning the oil slinger

They did add drip leg up at the top to get more oil on the chain. The smooth edge of that slinger would only produce a solid strem of oil upward. If it had been serrated/finned/other, it would have foamed the oil.
A lot of owners/builders have opted for the tensioner found in later model mopar V6 engines. It will oil the timing chain and take up slack in it also. First example my quick search found... Chrysler V6 timing chain tensioner for 318 V8 - Bing video