loose cam chain is nasty noisy, cam timing gets a bit wonky (not really a problem); loose enough and it can skip on a sprocket - performance is hurt by one tooth out and more will eventually have the valves hitting the pistons; the blades wear fast and can be chipped by the whipping chain; I think all the "four" engines have the main oil gallery across the engine in front of the crank and a loose chain can rub on the inside of the case where the gallery is - if it wears through you have oil pressure drop/loss; on the 350/400 engines a loose chain damages the adjuster horseshoe pivot making it lock up so the cam chain tension is unadjustable - I can't say for sure that a loose chain causes chain failure, but the only four I've seen with a snapped cam chain was a 350F with its adjuster locked up by this damage. After a cam chain breaks, it's best to look for a good used engine. The carnage in the cylinders is prohibitively expensive to fix.