Have a 86 420sel that I was told it jumped time. can I just replace the timing chain or do I rework the heads or scrap the motor. What is the best way to decide my course of acton. Thank you for your time.

Depends on the condition of the car, how much work you do yourself, how much damage if any was done, how much time you have (do you need the car), and other verious and assorted facts. If the car is average condition with high mileage and you get a shop to do the work then the car is not worth fixing. If the car is above average, you can diy most of the work, and have plenty of time then by all means fix it. They are wonderful cars, very safe compaired to the tin cans on the road now, get reasonable MPG for their size. Give some more facts and someone can give you a better idea how to handle this problem. There is always the chance it didn't jump timing and only needs a CPS or something else.

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84 500 SEL (307,xxx miles)

generally if it has jumped the chain. the heads have to come off, due to bent valves. if you have time and like the car i say fix it!