I believe that it would a) depend on the wizard's intent and b) depend on the DM's willingness for that intent to be realized. In a purely analytical sense, the durability/hardness/hit points of chain do not adhere to a "per link" basis, any more than rope adheres to a "per strand" basis. I believe both depend on the material and the length. That being said, if the wizard wants to disintegrate a single link, I'd probably allow it, with possibly a Spellcraft roll or a ranged touch attack roll for fine control (with appropriate penalties for a called shot). I would not include the weight in the equation, because that is a distinct and separate object, though if the wizard wanted to try that, I'd probably allow it with a suitable metamagic feat that altered the spell's area of effect, or possibly a Spellcraft roll. (Such an act would require a Spellcraft roll every time until a corresponding feat was purchased, reflecting mastery of the idea of using a ray in that fashion.)
Ebony the Black Dragon
http://ebony14.livejournal.com
"Good night, and may the Good Lord take a Viking to you."
Ebony the Black Dragon
http://ebony14.livejournal.com
"Good night, and may the Good Lord take a Viking to you."