No, there is no limit on the number of toons you can have in the chain. However, to guard against people placing a toon in the CC then never playing that toon, we do have a few general guidelines:
1. If you have a "main" toon in the CC who actively hunts and produces good xp, then letting that player put a "mule" in the chain and letting it "free-ride" is our way of saying thanks. Of course, the xp produced by the main toon should be significant to cover for the xp not earned by your other toon(s) in the chain.
or
2. If your toon can't hunt much, but offers other significant contributions to the chain and the clan (i.e. a buff bot) then we feel that makes up for any xp not earned.
or
3. If you plan on hunting with all your toons, and all will produce regular xp, then we have no problem with that (e.g. Wimp Low and Neue Regel).
Or,
4. If overall you, as a player, contribute to the chain in an overwhelming way, then special consideration is granted. Again, the contribution must make up for the xp not earned. Players in this catagory may include those such as CC managers, High Council People, and Monarchs

.
Panzerfaust, I believe you would probably qualify under one or two or three, if not all of these.
If you are interested, then you need to do the following:
a. Please fill out an application on the CC forum.
b. Please give us the name of at least three people in LD as references.
c. Please read the LD CoC and state that you swear to abide by it.
d. Please provide us with at least two credit card numbers with the exp. date. Platinum will improve your chances...also the more numbers you provide, the better.
e. Your first born child.....
(am I forgetting anything here?)
f. Oh, Lich King would like all your Sings, Siks, Plants, or anything else worth of any value....ok he didn't say that, but I know he will!