[TeeRiver]

Yeah, replace it.

It is good to get an extra masterlink just in case. It is easy to make a mistake and you can use the spare next time if not needed.

It also looks like the link is binding, rivets overset.

Nice photos, btw.

 

[TeeRiver]

What rivet tool are you using?

I like to use the D.I.D. KM500R with DID rivets. The KM500R tool die is recessed, so when used with genuine DID rivets (important as the die and the rivet are a matching pair), it is impossible to overtighten.