Check to be sure that the tick mark on your crank gear is slightly clockwise from the key slot. It's pretty clear from Bob's picture what I'm talking about, see also below for my engine. I understand that there were some aftermarket crank gears several years ago that had that tick mark one tooth anti-clockwise and therefore the timing of the crank to the cam would be off.
What you are calling "small slot at top of metal guard in front of gear at the key way" might be the oil slinger (visible in Bob C's picture). That "metal guard" is likely the oil slinger, and it pulls off forward to expose the crank gear. Once you have the crank gear exposed you should be able to see the mark on it.
A picture of what you see and what you are confused about would help us.
If your camshaft timing gear teeth are badly chewed, introducing slop, then you should change it for new. Aluminum camshaft gear, although a bit more expensive, will last longer. If it's your crank gear that's badly chewed you definitely should replace it. A worn crank gear will quickly destroy a new cam gear. It's not trivial, but by no means impossible, to replace the crank gear with the engine in the car. Most folks cut the gear off carefully with a cutoff wheel (two places) then heat the new gear to help it go on.