It depends on your gaming style. I've always intended Chain Cont.
as in PnP, a spell cast in the safeness of your room, trying
to imagine a situation in which you would need help.
But in the game it's implemented in a way that makes it a pure
"melee" spells: no casting time, allows to cast infinite spells
without Imp. Alacrity!
I consider this sort of a bug, and use it the old way, who cares.
So if I want to cast spells freely, I have to use Time Stop
(the spell that ORIGINALLY had this purpose!)
I've never used Tashia's Chain Contingency while in combat...
I think it's more fun this way.
So it's up to you and to your style (somewhat cheesy or not).
Anyway Time Stop has other advantages: you can freely move, for instance!
Saved me in a couple of occasions...
My suggestion is Time Stop!!! Next level, Chain...
@Impaler: why Spellstrike? I've never found that so useful.
It doesn't remove combat protections (as breach), only spell
protections. Usually a kelben whip is enough, if needed at all...
Or two-three Ruby Rays in a Time Stop...
I can see only a pair of situation in which it may prove really
useful (Kuroisan surely...

)