On the contrary. It won't be too powerful since everyone is doing it. It only gives an extra edge to those who have higher epic equips (i.e. more chip slots). And Baal/Cerb would simply scale up its HP the next day when they are killed too fast.
I don't see this as an abuse, but a fun variability during PVP/PVE. for example, you can change your chips to all emeralds to give u a nice HP boost and become a tank. You can take out the obsidians and put in more sapphires for Bloodstorm. You can take out all the topaz when going against a Mage-boss, and substitute with diamonds. Infinite variability for infinite fun
