Replacing the water pump does not require messing with the engine front cover, so you won't have access to the timing chain anyway.
Steps for replacing the water pump (from memory):
1. Disconnect negative battery terminal
2. Support engine from below with a jackstand
3. Remove belt, alternator, coil pack
4. Remove engine front (passenger side) mount
5. Remove water pump pulley (* see below)
6. Remove water pump
7. Install new water pump using a new gasket
8. Install pulley, engine mount, coil pack, alternator, belt
9. Reconnect negative battery terminal
* The 4 pulley bolts are hard to open/close, because the entire pulley tends to turn instead of just the bolt. The best way is open one of the water pump bolts (the top one that'* just behind the pulley) with an open-end wrench until it holds the pulley in place, and stops it from rotating freely. Then opening the 4 pulley bolts is no problem at all.
Hope this helps