The only thing I'd worry about is spontaneous combustion, I had it happen to me once in the garage. I'd used a rag to clean up a saw after I'd fueled and oiled it and left the rag on the ground. About two hours later it just went up in flames! I could see the wood chips doing this as well, just something to consider.
Nick, the only thing I would question is what do you do with that stuff when it comes time to change it?