Chain Anchors with One Master Point

I recently encountered anchors when climbing at Devil's Racetrack which consisted of two chains connected by one quicklink. There's a photo of the anchors from the route page below. My question is, what is the best way to set up the anchor to belay the second up with anchors that are connected by one master point? I ended up putting a locking carabiner through the quicklink connecting the two chains, and backing up by running the rope through two alpine draws connected higher up in each chain. It was manageable, but hardly seemed like the best setup. Any advice? 

I would just clip a carabiner into a link near each of the two bolts, then clove hitch my rope into each carabiner. Tie a masterpoint in the rope and you're good to go. You could also simply clip your belay device (ATC Guide, Reverso, Grigri) straight into the quicklink. I figure if the quicklink is good enough to rappel off of (You must assess its condition and decide whether its good or not), then its good enough to belay a follower off of.

Establish a separate anchor on each chain for belaying.  Rappel off the master point (if it's good).  

I don't much care for that setup, but if the single quick link is massive I can deal.

Single triple-locker through the end links to form a master-point if there is room, quicklink if not; if the quality of the chain is suspect, then off the bolts like a normal anchor. 

John Wilder wrote: 

Side note, that setup looks pretty worn- maybe touch base with the local org to get it replaced.