I'd ditch the chain.
Weld a couple links onto the rear of the plate, and hang the plate from wire coat hangers. It ain't as pretty as chain, but if you shoot a coat hanger, you can fix it in 2 seconds. Chain, not so much. Double up on the coat hangers and you'll never be a lucky enough shot to shoot two coat hangers in one sitting.
I have a 12" plate, with no stand. I hang my plate from trees or whatever target stands are around at my range. I have used coat hangers or hobby wire from Walmart for the last 2 years.
I started off with chain, but if you hit the chain by accident, you're left "fixing" the chain with paracord or coat hangers (who has a welder in the woods?)....