Yes you can use a chipper drill assembly with it. Chipper blades are sharp too and will cut things other than ice just fine. Well they are supposed to be kept razor sharp anyway, that is how I keep mine. For a chipper drill assembly your best bet will probably be the one the Strikemaster Chipper Magnum uses. You'll probably need an adapter.
If it were me I would just keep the auger capped as much as possible. Cold Snap Outdoors have a cover that is quick to take on and off. Easier to put on without touching the cover, you use your foot.