Gonna try to explain what I know here. I think you are right as to RC being for roller chain.
The 20 stands for double pitch. Most roller chain the links will be half the length that your 2040 is. This is done to save a bit of money when double pitch is strong enough to pull the load.
The 40 is for the size or pitch of the chain in eighths. IE regular 40 chain is a half inch pitch since yours is double pitch it is a inch.
Now to your problem at hand. First thing I would be looking at is the condition of your chain. Take it off and lay out on the floor or bench. Can you push one end while holding the other end still, IE is there any wear on the pins? Can you bend the chain side to side (not around)? If either of these show up you should probably just get a new chain. It is MUCH cheaper than new chain AND sprockets which is where you are headed if you run worn chain on your sprockets.
As to taking out one pitch what you need is a half link. You should probably also get a chain breaker or you can try and grind the rivet heads off and punch the link out to put in your half link.
To be honest don't think I have ever seen 2040 chain so half links may be a bit tricky to find. I did attach a link to one source for a chain breaker.
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