I think that the simplest way would be to make a repeating texture with a transparency map on a polygon or rectangle plane for each panel (One panel repeated) cylinders or path extruded circles for frames and posts. In fact; there is a chainlink texture here at StrataCafe. Resources:Textures:Metals. That is a REAL good start.
I was curious to see how hard this would be, so I ended up creating one - and a litte tut on how to create it... anyway, hope this helps everyone. It was actually pretty simple to do. I did this pretty quickly so it is a little sloppy but you'll get the idea.