Im just wondering if there is a way to tell if the timing chain is loose without taking too much apart on an 81 model motor..??

If you mean a stretched chain. If it's the original 1981 chain? You can guarantee its stretched. Most likely the cam and lifters are also f**k.
One thing you can do is remove the dizzy cap and put a socket on the crank bolt and turn slightly in either direction whilst watching the rotor. If there a noticeable delay in the direction change of the rotor it's a bit of a give away. You can also pull the fuel pump off and actually see the slack in the chain.r