i got under the front end of my camaro to take my front signal lights out and i noticed oil seeping out from around the timing seal. also when i rev my engine and let off i can hear the timing chain rubbing the cover. also for the past month my rpm guage has been reading higher that normal. my engine has 166,000 miles on it. but will a worn out timing chain cause the rpm guage
to read higher rpm's?

 

No.
Time for a new timing chain.