So would this work? (Paint)

[lfckeeper]

on larger stone chips...

cover the whole panel, other than the chip, use rubbing compound (using the end of a pencil covered in a cloth or similar thin stick), then prime, paint and clear coat with spray cans. SRP and wax when dry (leaving a good few days).

I can only think it would look better than leaving blobs using touch up (or having blobs then try to remove them)

 

[a111r]

Not really, it will still look like a blob.

 

[MancMike]

It'll still have edges, you'll see it. You'll never be able to perfectly match the depths surrounding.

I tried this in several ways when my lacquer was coming away. It was never close to perfect no matter what I did, including wet sanding the edges of the solid lacquer down so there's no edge, then lacquering over it. You'll have edges on your new lacquer. You just end up with a bigger mess than the chip you started with.

 

[PobodY]

If you're good at feathering it all in, yes.

I'm not. I can always see where I've been working and half the time I take the paint back off with polish as I'm trying to tidy it up.