Be careful with that chain - did you pick it up from a hardware store? How easy did they cut a chunk off for you? That's how easy it'd be for a bike thief (happened to a person I know) - and lately, I've heard that it's easy to pick those padlocks too.

The IRO hubs will do you good. I've build up friends' bikes up with those hubs and they are solid it would seem. The many accolades on this forum will back that up.