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The oil pump is NOT just UNDER the timing cover, it is built INTO the timing cover, driven by the crankshaft. The oil pressure relief valve is accessable by removing the oil filter mounting adapter assembly at the REAR of the timing cover. I have seen the gasket between the filter adapter and the timing cover fail, causing a pretty good EXTERNAL leak. Also, the gasket between the timing cover and the engine commonly fails, leaking externally. For sure the gasket between the timing cover and the engine could fail towards the INSIDE, dumping oil pressure back into the crankcase. Perhaps the adapter gasket could fail internally, too. I have HEARD of the cam bearing failure thing, but have never seen it (YET), so I can't comment on that. The cover really isn't all that hard to remove, except for the fact you're working in a cramped space between the engine and the fender. Removing the oil filter adapter first will allow you to check that gasket, plus the relief valve and spring. Oh, yeah, another MISERABLE part of the job is that those gaskets are REALLY stuck to the aluminum parts and block, and are nasty to remove even with the help of gasket removal spray.
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