Originally Posted by RamTech
If money is no object, sure, replace all the timing components for peace of mind. Chrysler has inspection guidelines for these parts and if they fall within those specs, there's no reason to replace them. Just remember, new parts can fail as quickly as old ones.
I wouldn't go tearing the heads off the engine until I verified with either a leakdown or chemical test that combustion gasses are entering the cooling system. If there is a problem and you have to pull the heads, there's no need to replace the water pump unless it's leaking or the bearings are bad.
I have a similar issue going on with my 02 4.7. It was locked up and not starting or turning over. If when I removed the spark plug from #1 cylinder (while it was still running, took it to advance auto to diagnose engine light: #1cylinder misfire) it started up and blew out water, would that be a leakdown test?