It will be fine but you have a much greater risk of the chain derailling. Just go with a simple sram (or similar brand) 8 speed chain. In many shops you can pick up an 8 speed chain for less than a 1/8" singlespeed chain. I use the sram PC-850 and haven't had a single issue. The shop I get them from buys them in bulk (like a box of 100 chains..maybe 50, can't remember) and they are pretty inexpensive.
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