Apply edgelining first, then chips and scratches. As long as you don't cover every single part of the edge (even chipping half of the edge is more than enough to show heavy wear and tear, on most surfaces), the effect will still be conveyed. Unless your main audience is comprised of infants, the brain is wired to handle visual patterns and occlusion.
If the eye sees this: ---------vvvvv--v-vv-------- where dashes are the edge highlight and vees are metallic chips, the highlighting effect will be translated as continuous, even though it's interrupted by chips.
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