Maybe this chain question should become a FAQ.
I, and other vendors here, sell chain for modeling. I sell 27LPI and 40LPI @ $4cdn per 12inches. At that size it does not have a center stud. It is black. It is also slightly round, instead of the more elongated shape of real ship chain.
http://www.resinshipyard.com/pages/accessories.htmlThe Iowa class BB's have chain links that are approx 12" wide by 22" long. In 1/350 that's 0.06286" long and in 1/700 that's 0.03143" long. The 40LPI chain I sell has 0.032" long links. It looks a little larger because of the roundness of the link, but you can spend your time flattening if you like.
All measurements are approximate as my eyes are getting old.
The PE solution put forth works as well, it all depends on what you will be satisfied with. The homemade approach looks nice as well, but I'll bet it's not as easy as the pics make it look!
Here's a pic of the real chain on Wisconsin, I have close ups with rulers on them if anybody wants to see it.
Darren