Yes, hanging off chains is an option and you can position the chain mounting points such that the plate will hang at 20 deg. The biggest issue I see with chains is the time it takes for the target to resettle after being hit. If the target is swinging then the 20 deg safety angle is constantly changing. Therefore it you do a rapid fire on the plate and it has swung to the wrong angle, then you have the potential to deflect a round to where you don't want it.
I will try and post some images of a target stand and mounting bracket that I have developed for our club targets. These are designed to protect the stand from all deflections and/or miss placed shots. The only surface visible to the shooter is the plate. This keeps maintenance to a minimum, and the setup and knock down is as simple as setting out electric fence standards.
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