Will this cut through chipboard?

My opinion is no it won't cut through chipboard. It doesn't even cut my cardstock very well.

Is there a replacement blade for the tag punch board?

Yes, there are. You can usually buy them on Amazon. For big size: https://www.amazon.com/We-Memory-Keepers-Punch-Refill/dp/B00VSLLCGQ/ref=mp_s_a_1_4?ie=UTF8&qid=1542035721&sr=8-4-spons&pi=AC_SX236_SY340_QL65&keywords=replacement+blades+punch+boards&psc=1&smid=A3UW6FFMODPQYZ Small sizehttps://www.amazon.com/American-Crafts-663005-Keepers-Alphabet/dp/B01NATVMU0

ASIN	B079L5WJ3R
Brand	We R Memory Keepers
Brand Name	We R Memory Keepers
Color	Off White
Colour	Off White
Customer Reviews	4.6 out of 5 stars 6,579 Reviews
Global Trade Identification Number	00633356602484
Hole Count	1
Hole count	1
Included Components	Craft Tools
Item Dimensions L x W x H	18.8L x 16.3W x 4H centimeters
Item Type Name	Tag Punch Board
Item Weight	0.12 Grams
Item weight	0.12 Grams
Manufacturer	American Crafts
Material	Plastic
Material Type	Plastic
Operation Mode	Manual
Pin Hole Diameter	2.54 Centimeters
Product dimensions	18.8L x 16.3W x 4H centimeters
Sheet Count	2
UPC	633356602484
Unit Count	1 Count

We R Memory Keepers Punch Board Tool Tag, 18.8 x 16.3 x 4 cm

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