I’m not sure if your PLC-5/40 will work OK with the ancient chassis - but IF it will power up and go into the RUN mode, then you probably won’t need any I/O modules to get the program to run ...
specifically, the PLC-5/40 will already have a certain size Input Table - and an identically sized Output Table ... this is true regardless of the size of the chassis - and also regardless of the I/O modules which MAY or may NOT be installed ... note that this is DIFFERENT from the SLC platform ... the SLC is usually pretty “fussy” about having the correct I/O modules installed ... the PLC-5 usually doesn’t care ...
in other words, if you can get the processor to “act right” in that chassis - and work with whatever power supply you have - then you should be able to “force” the I:XXX/XX input bits ON and OFF to simulate the conditions of your input field devices ... your processor should then control the O:XXX/XX output bits - according to your program ... you should then be able to monitor the ON and OFF status of those output bits right on the output table - even though you won’t have any real physical output modules installed in the chassis ...
so now the question is, WILL the PLC-5/40 work in that old chassis? - or NOT? ... sorry - but I don’t know the answer to that one ...