Update on this: Everyone who suggested a chain line issue was right. Even though it looked ok from the focal length of my camera phone, it was obviously wrong from five feet back, with the bike on a lift. In fact, when I took the "new" chain off it was extremely worn laterally. It could almost be flexed into a letter "C"!
So- I swapped my '77 carrier for a '75 sprocket carrier and the correct axle spacers. This was possibly due to the expertise and generosity of a local ChiVinMoto member and sohc4 expert- if you live in Chicago, you know who I'm talking about! He knew exactly what to do had the right parts on hand.
Now I have a correct '75 chain line, proper wheel spacing and a new, stronger, standard chain.