I had a circus bg with 2 chained fae and 2 obelisk of foresight. Obelisks are out, deploying the 2 faes in the same turn: the first does not lose 5 hp and the second does not gain 5hp. Didn't look at the nora. I does work if I deploy yeti magister (a wizard) or a tomb lord, BUT they gain 10hp and only one fae loses hp. (didn't look at nora)
http://forums.poxnora.com/index.php?threads/fairies-and-chains-of-amareth.16270/ http://forums.poxnora.com/index.php?threads/kf-bugs.3871/#post-56984 here it is mentioned it stacks, but that both faes lose hp.
Maybe a quick fix would be to make it Unique. It has Preordained so only having one in a deck isn't terrible.