It's an 82 320is So it's a chain I guess.

If this is a US 320i (i.e., 4-cyl M10 engine) there is no timing belt....these engines have timing chains.

Only the 320/6 or 323i (both European gray market vehicles) had timing belts.

I'm planning on adjusting my vales in the next few days and also replacing the timing belt. Can anyone give me info on how exactly to do this? Does the motor need to be cold in order to adjust the valves? If so, what are the clearance specs? anything to look out for? Also, is replacing the timing belt hard? what will I have to remove in order to do this?

Thanks, Jared