It's an interesting problem. It could be a path, which you can bind to each hand using the Weights
view. Since a chain is rigid though, you'd need to keep the path the same length during animations. Or, maybe you could setup the chain to scale, even though a physical chain would be rigid, then still try to keep the chain the right length during animations. This way, if you mess up a little and your path is too long or short, it won't be as noticeable.