I guess my first question would be how bad is the chip? Can you show pics? A lot of times you can hone out small chips on a 1k with no problems. I have a Heljestrand MK31 that had a small chip in the edge, and I was able to hone past it by doing several sets of circle strokes with pressure on the 1k.

The setup you chose is definitely a good one. You should have everything you need to get you razor to shave well. I'm just trying to keep you from having to drop down to that 220 if you don't have to...That's awful harsh for a razor IMHO....Hopefully you don't need to go down that low...