On my 1995 19" MultiTrack 700, only the seat tube was chromoly; the rest was hi-ten steel. I believe the 720's for that year were all chromoly. The standover height on mine was about 30".
In my experience, MultiTracks do not come up for sale that often, and the 720's come up less often than the 700's. I would have gone for the 720 if the frame fit, but the fit of the frame is the critical factor.
I'm a fair weather rider so I just use a dry wax chain lube. I don't recall it ever staining my pants. After you degrease and clean your drive line, you could try that. They work well in dryer weather. Check your chain wear first though, so you don't spend time cleaning a worn out chain.