Chip Change?

No

You need to do other things to the car first... fuel pump, air filter, thermostat, etc. Then a chip change would be beneficial.
 
I agree with Jay C. as the other things will prove more benificial. I would add fuel pressure regulator to the list (either an adjustable one or the "TTA" version if you want the stock appearance).

Once the basic mods are done, a chip change will definitely improve the idle, improve throttle response, and give you more horsepower. This equates to a car that is more fun to drive.:D
 
What is the part # for a stock type TTA FP regulator? Is it still available from GM?
The fp regulator I referred to maintains 43 psi where the sock unit is 38 psi. They look identical (except for the last 3 digits of the part #) so you'll still have the stock appearance. The GM part # is 25523720 but I don't know if they are still available. However, they were made by Bosch and their part # is 0 280 160 237. Check with auto parts stores that sell Bosch parts as I'm sure they can get it.
 
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