Haven't read the entire thread yet but..
No, there is no "master link" The tool should have a screw type punch
to force out one of the rivets (if you are repairing a chain).
To make a new loop, you count off the number of drivers you need, get
out a repair link pack (not sure what thr right name is) conatinaing
one chain strap with two 'pegs' riveted in and one free side strap.
Connect the chain, put in the rivet spinner and screw it down
(twice). You're done.
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