That recall was actually for improper weld on the exhaust.
Recall W545 is for the engine
911 (997) 5/04 Section - Group 1, Engine This bulletin replaces bulletin Group 1, # ***** dated 12-28-04. 2/16/05 W545 - Check Crankcase For Proper Machining Vehicle Type: 911 Carrera (997)/911 Carrera S (997) Model Year: MY 2005 (5) Concern: Check crankcase for proper machining prior to customer delivery. Information: This is to inform you of a voluntary Workshop Service Action on certain new 2005 model year 911 Carrera (997) and 911 Carrera S (997) vehicles. Possible incorrect machining on the crankcase may have resulted in a situation in which the base for the intermediate shaft bearing cover is milled approx. 1 mm too deep. As a result the incorrect intermediate shaft position causes an incline in the toothed chain. This results in increased wear on the chain drive and on the intermediate shaft bearing. To remedy the situation, check whether the engine crankcase was milled incorrectly by measuring the depth of the thread bore on the oil filter flange. If a problem is detected, install an additional spacer plate on the intermediate shaft bearing cover. Therefore, we ask that the crankcase of the affected vehicles listed below be checked and if necessary install a spacer in your workshop before delivery to your Porsche customers. Customer Notification See attachment "A" Affected Vehicles: A total of 225 U.S. and 4 Canadian vehicles fall within the scope of this Service Action. Very Important! Not every vehicle in the below listed range may be affected. Use the ranges below as a general guideline. Refer to Attachment "B" to determine if a particular vehicle is eligible for this service action. Alternatively, the VIN can be checked in the Porsche e-DCS/WWS for confirmation of an open service action.
It ONLY involves a few vehicles and ONLY is to install a spacer.
There is no recall on the IMS bearing even though it is a notorious failure issue. There is a class action lawsuit settlement on this, which yours would qualify for if the IMS bearing on yours has failed.
Here is a link to it and will walk you thru what you need to do
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