Not so quick. A chip will amplify any problems....
Have you replaced the Timing belt yet? Motor Mounts? The car will jump on the stock suspension a ton...and yours (like mine) is worn out.
Make sure the engine is sound! The Motor mounts are quite suspect on these when you get 80K and up. My Snub was split....I put in a poly one and a new L/H. Did all the belts/water pump. Got rid of the suitcase resonator (put in a 20" glasspack in the tunnel...and smooth bend into the stock muffler) which lost me a good 30lbs and free'd up the system a little. (very quiet too..just a tiny bit louder)
Then I chipped it. It is sweet!!!!! Grins all the time! But, my stock suspension is rocking all over the place on acceleration! But I knew it would, springs are in the mail. I also only went for a .8 bar chip....didn't feel comfortable with a 1 bar chip in a high mileage car. (have 100K on mine) The HP increase is still very good. It feels like a totally different car. I noticed it the first time I hit second gear leaving the parking lot. So did my teenage son!
You need to look at the car as a system, each part affects another.
jetninja is right, make sure your ride is ready to handle the extra power its gonna get w/ the chip. greespeed.com has the cheapest(i seen) 1.0 bar chip for $179, thats what i'll be getting soon, i have 103k miles on my ride(bought it at 75k), but its in perfect shape! i think it'll be able to handle the power.
just remenber, any minor problems your car has before chipping, will become enhanced problems after chiiping!!
i would spend the 400 bucks getting the car in tip-top shape( considering you do the work yourself) and maybe you'll have enough to chip....
what i havedone so far:
1st i servised everything to top shape:clean injectors,clean fuel lines and cahnged filter, mottormounts, tranny service, changed to full synthetic oil, complete tune up
silverstar light bulbs
clear corners/side markers
h&r springs(not installed untill i have $$ for shocks)
K&n air filter
once its dropped, i'll be getting the neuspeed chip 1.0bar from greedspeed, and a hybrid DV/BOV, and this is where i plan to stop(I say that now).....and maybe a turbo timer as cheap insurance for my little ko3.
but then again thats all the performance i need, im not a hardcore racer, i just like the occasional street challenges.....