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

You would think (or - I would think) that there would be more options for undersized chain sets for the past dozen or more years given the likelyhood of engine rebuilding (and line-honing) would be increasing for these engines.
Probably because the ones available now are more expensive than the standards and don't sell because you won't see any effect of the special chain set in 95% of applications. If potential chain slack really bothers you, the only solution is gear drive or belt drive with a stiff tensioner. Gear drive is usually noisier and a tight belt drive could be bad for hydrodynamic bearings and sap as much HP as it saves in the timing accuracy.