It took a while, but I got a chain guard made up, and installed it today:
I basically use toolslinger's design, modified just a bit. Thanks to him for the design help.
Since this is a flail and not a rotary cutter, and because I didn't have any of the materials lying around so had to buy new, I figured I could use a bit lighter construction. In part that's to save weight when the mower is offset to the side.
I used 3/16" chain, and hung it on a 5/16" rod. I used the holes for the factory belt guard, which gave me about a 10" span between mounts. I had the mounts made from 1/2" steel so they are the same width as the spacers. Here's a closeup:
I don't have any real metal working tools, so I had a local welding shop supply the materials and fabricate the parts, which they did for $140. The chain was from Lowes Hardware, and was about $80. I cut it to length myself. Around the same or a bit less than factory options I found, and I got exactly what I wanted.
I gave it a quick test on the yard and driveways, and it seemed to work fine. But I can't test the real effectiveness until fall when I cut the stiff weeds that forced me to remove the factory belt guard.