In response to your questions, Jerry:
1. That 'red' chip (which is actually not red, it's gold), is a piece of the plastic wear strip you mentioned. I didn't notice it there until after I took the picture.
2. Yes, I know there is a wear strip missing. It was in lots of pieces when I took the cover off, probably damaged when the chain let go. At the whiteracing website, he wants $120 for a piece of plastic. No way in hell am I paying that. It is listed on the GM parts website in their 'alternate catalog' for only $3.76, but it probably is not available anymore. I was planning on making one from the wear strips on the secondary timing chain guides I took out (I have a whole other set to go in) since it's the same type of plastic, maybe glue it on or something. I'm pretty good at 'macgyvering' things.
3. The crack your seeing is actually not below the wearstrip. It's part the damage seen in this picture in the center, top sort of:
I was planning on just using JB weld to do a temp repair on the cover for now. All it needs to do is keep the oil in, JB weld can withstand heat up to 600 degrees. In the future, I'll get it repaired properly.
As for the gaskets, yes I was planning on getting the ones I need from your site, Jerry. I have all the ones I need so far in my cart (I created an account), may add a few if I remove more stuff. Any chance I could get a discount? It's gonna be pricey for all the gaskets I need.