Chain hitching isn't the best method in my opinion. It would take a minute to do for both strands, and would be somewhat of a hassle- especially with cold fingers or gloves on. I think it would be easier to tie a locked sheep shank, or devise some sort of clip on thing. If you weren't in a hurry, then no problemo. But if you were in a hurry, or if you were constantly switching lengths, then I would think it is.
Also, I would think that any knotting or sheep shanking would make the sling oddly weighted and release differently from a normal sling. Not sure if this would be a major problem or something that a few tosses couldn't fix
I also disagree with two different lengths. The longer length in theory allows for more power, but in reality I find only a few yards difference. Stick with the shorter useful length

, unless you really prefer the longer one. Instead, why not use a mini/hand staff sling? I recall a video of someone using a 'staff' that was a foot long piece of PVC. The added distance and power (in my opinion) offset the potential problem with carrying it around. You could probably just roll your sleeping bag, clothes, etc around it to take up less space.
Just some ideas.