Like Clark said "everybody says their sr only has 40k on it". It's pretty unlikely that they all only have 40k.
I also wouldn't put too much faith into someone who told you they inspected the "timing belt" on an sr and it didn't have any cracks.
SR is an interference engine, so yes it could be catastrophic if the chain broke. If you're planning on beating on the engine I would replace the chain, tensioner and guides.
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