Yes, most people choosing between these two seem to go with the ED since it's a lot stronger apparently and only $30 or so more. These are the two main choices for timing set upgrades from the stock one if you are not switching to an electric wp. The Cloyes roller requires you use an electric wp.

If you went with either of these set's you would need new gears as well. The only way you could just use a new chain is with the stock gears, but I wouldn't recommend doing that. If you are getting a new timing chain just go with the complete new timing set, with new gears too.

 

What about the Lunati timing set that is offered by Summit. If I were to buy that, could I use my stock wp or would I need an electric?

 

I'd highly recommend the ED timing set, sure it costs a little more but seems to be much stouter that the LT4 or LT1 set. Also remember that there are two sprockets and one gear to be replaced the third one is the gear that drives the WP. Many times this is over looked. That WP gear is a wear item also.

And for what it is worth, I'm one guy that does not recommend the electric WP mod.