I have some ideas, (not that I can see into your mind's eye) though there might be a lot of tweaking involved. But since there are multiple ways to achieve the same effects in PS, I'll risk it!
Place the face below the chain link and keep that layer selected. Ctl/cmd click on the chain link thumbnail, add a layer mask to the face and invert it. Add a slight spherize effect to the face, positive 5 -10. Apply the layer mask and add layer effects.
Try an inner shadow and change the shadow color to a dark tone on the face. Play with all the settings to get a feeling of extrusion. Change the blend mode and opacity if necessary. EG: linear burn or hard light and lower opacity.
Now duplicate the chain link and turn off the lower layer of link. Keeping the duplicated link layer active, cmd click the face selection and add a layer mask to the link. Now add the same spherize to this. You should be able to just use cmd+F.
Try a drop shadow, turn off global light and make this shadow the same way colorwise as above. You'll have to play with colors, settings, directionality, depth, etc.
Then move the other chain link layer below the face layer in order to continue the links but without the layer fx.
There may be an advantage to using other layer fx like bevel and emboss. I didn't try it.
Well, there's a crude method for you to try. I think if you play with it enough, it could be fairly cool, if not really what some might call "elegant!"