Rex the best latch mechanism I've seen for the TR chains is the one Charlie Rains has. If you get to Atlanta ask him to show you his TR Bracelet. He filed one set of links into sort of teeth and hooked them into the other link. looks great and you can't see the connection. I like your idea best though. a lot less complicated. Most of the guys I knew used .032 safety wire and the chain looked fine.
Bob T