Don't over think this.
The pin is there to do one simple job. Close the gap so a chain can't slip in. If it's too long, grind or file it down, so it still does the job without touching the arm.
Why would you even consider mounting the ring with the pin hanging out in space to snag your socks?
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Chain-L site
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“One accurate measurement is worth a thousand expert opinions” - Adm Grace Murray Hopper - USN
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