zero-cant answer your question 'bout chipping
but i would suggest getting one if its reasonable and in great shape-and then figure it out
what i think i understand about these locos is that they use the old style EAV circuit (thats the circuit that allowed the loco to stand until about 8-9 volts were reached-this allowed a engine or railbut etc to sit, ligthed on siding while a 'regular loco shunted at lower voltage)
-except on this loco, not only does the motor have this threshold before it moves, but so do the uncoupler motors. When the threshold voltage is reached the uncoupler drops and then when a higher voltage is reached it returns to normal-so to speculate (which i know is worth zilch) one would need to be able to by pass the resistors i would think, or route 2 separate voltage levels to the wires-ie similar to bright and dim on a loco lamp
it is perhaps the single, most fun engine i own
and Mike-nice pic with the orange coated figure-very nicely done!