1/8" freewheels were from a time when common was also a fixed cog waiting on the other side of the hub to be switched to. a 3/32" chain will not work as stated, also, a 1/8" chain on a 3/32" freewheel will not work for the vast majority of freewheels, as the cogs are too close, unless is is a very wide range freewheel where the chain can offset into free space, closer ratios will have interference. Long ago we had a customer who almost made it work except for the 14/16 cogs, he added washers and longer fasteners to the jockey wheel cage too, resourceful, and would have saved the cost of a second (and third correct) chain and time if he came to us first.