Let's make our own models (and maybe even animations)

Is it possible to create this chain in a similar way to the orcish club and orcish warrior's club?

Of course, it's possible, but the idea here is to create everything from scratch.

Added 1 minute ago

Yes, it's basically the same chain... it just has a few bones, and that's probably why it will be more difficult to implement...

The difficulty lies in the fact that you have to simulate the physics of the chain, and it's also more difficult to come up with an interesting attack animation for such a chain. All of this is feasible, but for now, I want to do something simpler, which is also why I won't be making a cloak, for example.