The 630 chain will require the 630 size sprockets, and vice-versa for the 530 chains/sprockets.
The 72 bottom end uses the 530 sprocket, so the rear sprocket would have to match that, too.
The 72 engine used the 18T front sprocket (17T will also work if you mostly ride in town), and the rear sprocket for this one is 48 teeth (which is likely what you have, if it is a K2).
If you change to the 630 chain/sprocket setup, you'll have some work cut out for you to find a 630 rear sprocket that will fit the '72 (K2) rear hub. I'd suggest staying with the 530 setup, if possible, if for no other reason(s) than the sprockets are cheaper, the chain is, too, and the K2 bottom end started out that way (so did the chassis). If you use the 530 chains from Diamond you will get the longest life per $ spent.
