Sam,
Track chains should never been run tight. At the point where it becomes tight then adjust the axle keepers (had a senior moment and forgot the real name for them) to let the tightness out of the chain. Running the chain as loose as some of the single speeds and three speeds might allow the chain to jump off the chainring during heavy sprinting. One inch pitch chain drive is noisier than ½ inch. I would lube as you would any other chain.
Hope this helps and happy pedaling.
Mark, 75 and sunny, Poore