Just sold my 200k mile 518i, as far as I know, timing chain- replace when you can't stand the rattling, but not really worth doing unless you change top and bottom sprockets too, as these wear with the chain. Top sprocket is easy, bottom one is definately not! At that mileage, should be no need. Usually most rattling is from tappets at low mileages, and they want doing, as it'll run better when they're right and it's dead easy to do. Should be fine on unleaded, just need timing altering if not already done. I ran mine on lpg, and had to fit a flashlube kit to stop valve seat recession, but was fine on unleaded. If you do find the valve clearances closing up after 5-6000 miles on unleaded, fit a flashlube, available from lpg conversion firms and takes 10 mins to fit, adds 1p per litre to fuel cost, less than lrp, which seems to be becoming rarer.
Keith