Yes, if you were going to breadknife it out you'd typically do that first. Otherwise you'll just wreck the bevel you cut and have to re-do it anyway.
2 different roads, end result should be the same. If I opted to bread-knife that out, I would probably stop before the chip was completely removed then sneak up on the last little bit during bevel setting. Same amount of steel has to go regardless of which way you choose to do it. You just have to remember not to focus in on the spot with the chip and wear that side more than the rest. Equal attention all along the edge, and be careful not to do more than necessary.