Yes, we can!
Yes you can use CHAIN on a format name, but the %FOUND() will not work on format names. You have to use the actually file name.
Note that the reference to %FOUND() not working on format names refers to %FOUND() itself, not to CHAIN. That is, if you use CHAIN with a format name, %FOUND() still works the same. If you specify a name for %FOUND(), it must be %FOUND(file_name).