Thank you guys for sharing your experience and responses. I do think I'll need timing work soon. I'm actually going to order the stuff probably this next week.
I've to say that the oil has helped a lot to reduce the noise mainly at cold start ups but I don't believe it's the solution at all.
I'll let you know how it goes after the work. I'm not using the X that much so I'm not in a hurry. I "borrowed" my wife's car in the meantime.
