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Though why would you have an adjustable chainstay without any pivot on the seatstay.
Simply because it’s not needed.
There’s a lot of spring in a steel frame. I’m not sure what the long term implications of utilising that spring in order to tension a chain would be (whether you’d be stressing the seat cluster joints or not) but as a serial chopper up of frames, I’ve never chopped a frame that didn’t immediately jump out of alignment by more than enough to tension a chain. I reckon that so long as you weren’t changing the setting every week it’d be fine.
This looks fun in this setup too
https://theradavist.com/2020/10/condensare-packlist-baileys-mone-hardtail-29er-packed-for-touring-the-northern-new-mexico-cdt/
Though why would you have an adjustable chainstay without any pivot on the seatstay.