Hi!
Very nice model, I think. If you want to reduce the polygon count even further, I suggest you concentrate on the chain. The hitting head looks too good to be messed with
The handle, although simple, is fine too, and with texture it can be made pretty detailed.
You could try making the chain rings rectangular (4 cornered), that would also ease their linking with both ends. Just my opinion, but let\'s see:
Current chain: 16 rings, 5 corners and 3 sides per ring. That\'s 16 * (5*3) = 240 polygons on the chain.
4 corner chain: 16 rings, 4 corners, 3 sides. 16 * (4*3) = 192 polys. Hmm, you\'d win 48 polygons (96 tri).
You can also win some faces if you delete those parts of the ring that go inside the handle and the hitting head.