My vote is on the old chain and depending just how old the sprockets are I would change them too bad sprockets will eat up a new chain in no time good luck seven fifty four ever Craig in maine
I'm on this same train as well.
The chain
It's rubbing on something............
Sit on your bike and reach down, and with one finger pull up on the chain.
How much distance can you pull up? 1/2" or 1" or 2"
Also take off the chain guard and see what kind of crap has built up in there that may be rubbing.
Look at your swing arm and just see if there are any wear marks on it?
Definitely have a boo at your sprockets .
Don't be afraid to set the tension on your chain correctly simply because you know it's an old one.
Get back to the tread with your results.