tldr;
An antenna chain or RF chain is the set of electronic components in a radio attached near the antenna. Radios that contain multiple antennas use some chains to transmit and some to receive.
If you're lucky, you might be able to figure out which configuration is optimal, but you'll probably have to just try each one and test performance. If you're using a recent version of ddwrt, the defaults were probably determined to be the best configuration.
Long version
This should really be called "RF chain" ("antenna chain" seems to be more colloquial). In the world of RF, it's often possible to think of a radio (abstractly) as a series of transformations that are applied to a signal. If a signal takes a linear path and never splits / merges, these transformations can be thought of as a chain. It just so happens that the bits near the antenna often form a functional chain (in simple radios).
An antenna receives a lot more than just the information we're trying to receive (noise) and this signal is very weak. This means we need to filter the signal and amplify it before we can do anything useful. If you were to connect an antenna directly to a circuit without doing these things, you'd get either nothing useful or nothing at all.
Since these basic transformations need to happen to any signal any antenna receives, I guess people started referring to this part as the RF chain, although this term is used very loosely. It's important to note that parts not connected to an antenna might also be called a "chain".
For beam-forming (directing a transmission without moving the antenna), signals from multiple antennas are actually mixed in a special way to adjust for the angle the signal was received from. Since the antennas are at a known position, the antenna RF chains can be configured to mix the signals constructively or destructively depending on where the signal is expected to arrive from. In this case, the "chain" analogy kind of breaks down, because really it's an array of components connected both in series and in parallel.
If the antenna's at one end of a chain, what's at the other end? Well, once the signal is conditioned, there's often a second set of transformations to handle something called demodulation, and a third set of digital components for decoding - possibly (many) others. Often times the components for these things are sort of shared by other parts of the radio, so "chains" of signal sort of converge on them and merge / split. Note that some radios include analog-to-digital conversion in the antenna RF chain, but this was historically done after things like up/down converting, demodulation, and additional amplification/filtering.
Now that you (hopefully) understand what an RF chain is, you might soon be confused by the term "radio" (transceiver). A device like a wireless access point is part radio transceiver part router (among other things) - the parts attached to the antenna are the radio, and the farther you get from the antenna, the less likely it is to be part of the radio. Also, there are sometimes multiple radio transceivers (e.g. for 802.11a), and sometimes one transceiver does double-duty (e.g. 802.11n + 802.11ac).
Finally, the number associated with each chain doesn't seem to follow a convention, so just figuring out which antenna is "1" is difficult. Additionally, the set of chains used for tx (e.g. 1 + 2) are sometimes the same set used for rx (1 + 2), and sometimes they're a different set (e.g. rx 1+2 / tx 1+3).