What's your opinion on the slack in this 318 timing chain?

My opinion.... my experience ..... under normal conditions, double roller chains and no nylon sprockets equals couple hundred thousand miles without issues with good, clean oil.
:)
No question about it, nylon sprocket, change it to a double one, as in the 340's. I had 318's that would jump teeth at around 40,000, but my 340's are still running at 200,000 miles.