I don't think you will be able to get shavings from chips. They are just too small. I doubt it would work in the FP anyway. Chips are inexpensive though so buy a bag and give it a shot. I would freeze them first so that there is less chance of them melting, which I think would be a big possibility using the FP.
I have a hand held food chopper where the motor is on top and I used it to "grate" chocolate chips. It came out in small chunks slightly bigger than sprinkles. It worked for the recipe I was making at the time but didn't really "shave" it. If you want curly-q's I'd go with the veggie peeler on a candy bar or other blocks of chocolate.
Yes - it would be, except that the "chips" are too small to be "shaved" and generally shaving chocolate uses something like a vegetable peeler or a knife to "shave" it into wide thin strips or curls.
If you're just trying to break down the chips into smaller pieces .... assemble your food processor with the steel-blade attachment (placing the workbowl and blade in the freezer for an couple of hours will help reduce heat) .... add the chips ... them "pulse" until they are as find as want.