There is no proper chip for the 360 that will do anymore than assist you in flashing your DVD drives firmware or give you the same end result.
I’m going to say no, if you flash your 360 it will get banned from live at some point, to me live is the best thing about the 360 and I wouldn’t want to lose the ability to use it.
If you still have a warranty for your console that’s also gone so unless you can swap it for another in a shop you will end up needing a new console if you get an RROD.
The only advantage to flashing a 360 is you could get retail games for next to nothing or play a few games that leak early like Gears 2 did, there’s no Xbox Media Centre, Emulators or anything like there was for the Xbox 1.