Replacing Timing Chain 230SL - Best Way?

[mistertj]

My 230SL has about 200K+ miles on it and although I rebuilt the engine years ago, never changed the timing chain. I'm thinking of doing that now. My thought so as not to lose the current timing is to put the engine at TDC (timing mark and cam gear TDC mark). Then assuming that the master link is not visible, carefully grinding off the ends of a link, push out that link and attach the new chain to the end of the old one. Then with two assistants holding the chain ends taught (old and new), slowly turn the crankshaft until the old chain is completely out. Make sure the TDC marks are lined up and disconnect the old chain, then insert the master link into the other new chain end. Reinstall the chain tensioner.
Is there a different/better way that I should consider?

[badali]

I did this on my 1961 220S many years ago.  Pretty much like you said.  When cutting the link place a rag over the opening incase anything falls in.  I also placed a magnet there to help catch any metal that falls.

[Pawel66]

I used this guide from our Technical Manual:
http://www.dieselgiant.com/replacetimingchain.htm

This is a bit different engine, so some steps are not relevant.

I used zip ties to fix chain to sprocket.

Close to what you wrote.