thinking seeing that there is a slapping sound when the engine starts it might be time to do the timing belt. Thought it was the serpintine but it seems to sound ticky and now makes a slapping sound, also the belt I cannot fault so has to be the timing chain.... right? Had a look on ebay, theres a bloke selling Crow kits with gears for $119+post, got to call around tomorrow to get quotes.
Is it worth doing gears aswell? Bear in mind I have not visually inspected gears and dont know when they were last changed.Also does the sound I described sound like the timing chain? Its only on start up and just today started the slapping sound that lasts about 3 seconds at the most, so do you guys think it will hold for a while if its making that sound, say at most till after chrissy? Its used as a run around and will be going to and from work when I get work. Just moved and had the timing belt done on the Fagna, so hard up for cash and wanted to go thermo's while I was doing the chain.

Firstly they are called sprockets. If you order gears you will be rather unpleasantly surprised.

Secondly does it slap or rattle? Rattle is more to do with timing chains and tensioners. Slap is more to do with lifters, rings, bearings or GENIII boat anchors

ROFLMAO

Ignore scabbi, in the trade they are called "chain & gear sets" , Sprockets are for pushbikes and the like.

If the 5.0 is rattling / slapping / making odd noises, it sounds more serious than a timing chain. Start looking and listening at different places and see where it is the loudest. Try it at different revs. Put a socket on the end of the crank, and rock the crank back and forth, feeling for slop in the timing chain. If you can move the crank a fair bit before you feel any load from the chain, it's rooted. Chances are it's still the oem chain set, so replace the chain and gears as a set, as the gears will be worn. While you have the front apart, it's a good time to replace the water pump, harmonic balancer, and even the sump gasket if it's leaking. They all do.
If the rattle is more than a chain, which it probably is, this could get expensive. Just make sure you can diagnose the problem before you start pulling it apart, or it could end up costing a lot more than you expected. Get a manual for it, and read it a few times. There are a lot of books available for the 5.0, try your local library.

most probably unrelated, but, my EF I6 had a rattling ticking noise upon start up which quickly got worse. I feared was bottom end or timing gear related, but ended up being loose torque convertor bolts....