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That chain length should work. It sounds like the pivots are gummed up and the spring(s) aren't strong enough to overcome this friction so your chain is stuck hanging loose. It happens when riding UK lanes full of shite every year. I've had to strip deraillers and sand corrosion off the spindles of the pivots and relube so the cage will move.
Also I don't use Campag so I'm basing this off my Shimano knowledge.
Here it is on big big. I always size new chains using the old chain as a guide which was done using the park tool method. Over the last 2 years I’ve probably done 10,000km on this bike and fitted at least 7 chains and never had this issue before. This issue has only been happening since I fitted the last chain, I suppose there is a chance I removed one too many links (in a rush and not paying attention) but I dunno. The derailleur is super stiff to get to spring back into place. @hippy when I stripped the mech I didn’t remove any pins. I’m out and about at the mo but when I get home tonight I’ll unlink the chain and check it corresponds according to the park tool length calculator.