I agree that the fish likely don't care if the head is chipped. Since I'm going to take the time to tie a nice jig, I might as well take the time to make a durable head that doesn't chip.

Some of the major brands use crap powder coat that will chip if you breath on them. Look at some of the jigs on the store shelves. They are already chipped from employees dropping them on the floor while they trying to get them on the display pegs.
Vinyl...it is final.