The codes that come up when the timing chains and sprokets are worn just indicate a timing alignment issue. GMH actually used to do a patch on the software allowing the tolerance to be wider. The chains wont just snap before they get real noisy which is long after the codes would appear.
If the engine is slugged up the pick up can get blocked causing low pressure to the chain tensioners which can throw the exact same codes you see when the chains are worn.
If these engines get slugged up it's highly recommended to do a engine flush, only! if you're prepared to pull the sump off one or maybe two times to clean it out.
Also the PCV drill mod should be done as this helps carry oil vapour out of the valve covers and helps prevent slugging in the top end. It also helps pull more vacuum in the crank case giving the engine more power which also leads to less fuel contamination in the oil helping with slugging.