Erny..... assuming it’s not an “0” ring chain, go for it. Can’t hurt, and I’ve saved a few. Read any British bike manual and there is usually a section on chain cleaning and lubrication. They usually suggest heating a grease and paraffin mix on the kitchen stove!
I give the chain a good brush cleaning in my cleaning tank (on the shelf, don’t immerse it). Then, swill it around in a tray of used motor oil for a few hours. I then hang it above the tray and let it drip down, usually overnight. It will throw some oil, then lube, as usual.......