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Jan 27, 2021 at 20:28 comment added Tim Campion I should also ask that the chain be smooth, i.e. that the canonical morphism $\varinjlim_{\beta<\alpha} C_\beta \to C_\alpha$ be an isomorphism for all $\alpha < \lambda$, because the small object argument only interacts well with smooth chains. This is indeed the case in the construction discussed in the answers, with just an iota of extra care (see below). And to clarify from the "Motivation": the small object argument does produce an accessible functor and so in some sense interacts well with highly-filtered colimits; it's just a weaker sense than when it comes to smooth chains.
Sep 1, 2020 at 22:38 answer added Tim Campion timeline score: 4
Sep 1, 2020 at 17:21 history edited Tim Campion CC BY-SA 4.0
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Aug 31, 2020 at 17:08 vote accept Tim Campion
Aug 31, 2020 at 8:29 answer added Jiří Rosický timeline score: 11
Aug 30, 2020 at 19:02 history edited Tim Campion CC BY-SA 4.0
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Aug 30, 2020 at 15:53 history asked Tim Campion CC BY-SA 4.0