I’ve had good luck for 5 speed freewheel bikes using the KMC Z8.1 chain, not expensive at $13 retail, 116 links plus appropriate Missing Link connector included. I can run a 52T front/34T rear cog using a Campagnolo Nuovo Record rear derailleur with Rally cage modification using the full length. The beveled Z side plates aid in shifting and while not super smooth in my drivetrain, does have a satisfying “clunk” shift. Comes in Gray and nickel-plate gray. Formerly the Z51 chain.
Probably would shift better if I used a Suntour slant parallelogram derailleur like the VGT-Luxe.
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Italvega and Torpado Enthusiast