The Tsubaki chain catalog link above lists their dimensions for distance from centerline L1 and L2, which are different. L2 is the master link side, which protrudes further. That's not to say that other chain brands won't differ, but it's probably representative. It may be ANSI-spec chain. The devil is in the details
Oh, don't forget that there will be some clearance between sprocket and chain and that the whole chain can slide laterally (axially) a wee bit. If you place the centerlines of the two sprockets less than 7/16" apart, be watchful. 3/8" might do OK... depends on which side the master link clip is on.
Hey all you math-wiz types: figure what size actual length spacer is needed on the shaft between the two sprockets to provide the correct distance. I'm too tired tonight from trying to figure out how to fix up an automated truck weighing system and a kiln position/board moisture tracking system for a local lumber company. SOmebody did some JAVA programming to tie things together and there are a few glitches...hmmm.