The issue with using a chain tool is that many chains nowadays are peened. The pins are mashed slightly into a mushroom head that gets sheared off when breaking the chain resulting in an unstable link if you try to rejoin it. http://www.parktool.com/repair/readhowto.asp?id=25

Apart from being a diddly project, there shouldn't be a lot of problems doing this as long as you're careful and use an unpeened chain.

KMC's website might help you select an appropriate chain http://www.kmcchain.com There's an icon system that shows if a particular chain is peened.

While not white, KMC does make a silver/black chain
http://www.kmcchain.com/index.php?ln...mo=view&id=631