On a much larger scale, the sprockets for the duplex chain drive on the Rolls-Royce Sentinel Diesel Hydraulic Shunting locomotives were machined with a form cutter. In the same way that we cut gears, by plunging a form cutter through the workpiece in one pass, with a slow feed. The machine was most probably the one used to produce the sprockets on the chain driven Sentinel steam Waggons, fairly simple but effective in cutting 14" or more diameter. sprockets.
So for smaller pitch chain, and smaller diameter sprockets, a cutter of suitable form would be needed..
From memory, the teeth were straight sided, with just a small radius at the outer end, so maybe one cutter might suffice for a wider range of tooth counts than an involute gear cutter.
Howard