Hello Keith,
One chain link is equal to 18 degrees. Correcting the chain timing using off-set keys is seldom done since it makes no noticeable difference in most cases. 5 degrees of late vavle timing is negligible. Chains usually are fine for 100,000 miles. Replace them if you have a lot of miles or you in there doing work and the time is right for you. Just comparing the timing marks is not always a good indication. For example... Someone's original timing chain has worn or stretched 24 degrees, so instead of just replacing the chain they advanced it one link (18 degrees). So now the timing marks are only six degrees off, but the chain is dangerously stretched (worn). The timing chains get longer with usage. We often refer to them as being "stretched". In actuality the chain lengthens and weakens as each single pin or link is slightly worn. You multiply this slight wear by 134 links and you have a longer chain. Cutting the cylinder head increases the length of the chain (amount cut off the head doubled) since the chain travels up then down the cylinder head thickness. Catastrophic chain failure can occur when the chain becomes so long that the chain tensioner no longer takes up the slack in the chain. At this point the chain can jump a sprocket or slaps a chain rail until it fails and falls into the gears. The loose chain then jumps timing and all kinds of destruction can occur.
You can remove the sprocket without "breaking" the chain if you wish to install an off-set key. You can even remove the head without breaking the chain. If you wish to replace the chain, a link is ground and removed so a new chain could be threaded into place. A standard chain master link is used and usually comes with the new chain. Original chains were endless (no master links). I have never seen a master link fail when installed correctly.
I check timing chains by inspecting to make sure that the chain tensioner is still taking up all the slop in the chain. Also I automatically replace them at 100,000 miles or when major repairs are made. Many of the original chains had a figure "8" shaped end plate used for side plate of the chain links. If you find this configuration the chain is old and possibly the origina. Later and replacement timing chains have oval shaped end plates for the links, which is an improved and stronger design.
Another bad thing about the off-set keys is that correcting the valve timing with off-set keys makes the timing exactly correct, but the off-set keys make the notch on the camshaft washer more out of sync. so that visual inspection is no longer accurate. (the notch in the cam washer stays in the same place but the off-set key advances the camshaft) not a good situation.
These days part of the new chain replacement procedure should be removing the cam sprocket and check to make sure no off set key has been used on the engine before installing a new chain. If an off set key is found a standard key should be installed with a new chain and then the valve timing should be visually checked using the scale and notch. Check with a dial indicator for perfect results, but usually not necessary.