Every rivetted side plate that is removed from a chain will be weakened through the removal. The pins are a press fit. Upon fitting, the plate bores will be slightly opened up due to the pin expanding through the rivetting. The protruding part of the pin would need to be ground off, otherwise the pin would open the bore even further when pressed apart. This applies to ALL chains.
When making timing and primary chains from bulk lengths, I use only NEW rivet connecting links for lengthening or connections.
As I understand, the Guzzi chain is endless, no connecting links available from them. The connecting link as used by Laverda was pretty unique, supplies of these are drying up rapidly.
With the 500s and its derivatives spinning to 10 grand, and more on a good day, I personally wouldn't risk using a botched chain. I've seen too much timing and primary chain damage, not very funny. Sure, just tootling around might keep a botched chain going for quite a while, but where's the point in keeping revs down on these things?
piet