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I've never messed with the Gen IV platform much. Probably a stupid question, but how does this come off? I see a clip in the center of the bolt, would that come off before the bolt into the cam sprocket?
Its a single bolt. That clip holds the spring for the VSS acuator valve in place, dont mess with it just pull the whole enchilada out with a single big socket over the hex. You'll see soon as you have it out. If sticking with a VVT cam be sure to replace the tensioner while your at it, they are not very re-useable, but swapping in new seems to hold up even with extreme use. I think they get married to the chain and the plastic gets brittle after set up
Yes, like said above, just remove the nut to get off the VVT Actuator.
Now, on Gen4 5.3 Engines, they use the LS2 Chain from the factory, the 4.8 may as well. But, I would replace it with one either way, and replace the entire timing setup since it is relatively cheap. You will need a 4x 3-Bolt Cam Sprocket (If going with a 3-Bolt Cam), LS2 Timing Chain, Lower Crank Sprocket, and LS2 Damper. The Stock Timing Chain Tensioners can break when using aftermarket cams, or just break with stock setup and send plastic bits into the oil pan.
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Cam Removal 4.8 Gen IV 
