"That is why he is sure he remembers the arrowhead chips he saw in the NY club."

IMO, there is no way anyone could remember chips he saw over 50 years ago.
I know you have talked to old timers about their chips. Unless they have some in the attic, none can remember the chips they used. I talked to mamy-many old timers from the illegals. None have been able to tell me what the chips looked like.

Here is a good story for you.
I opened a bingo in the Sportsman 1961 for Screw Andrews while he was taking a goverment paid vacation in Terra Haute, IN. It was after the federal raid on the Sportsman.
There was a large walk in safe upstairs that had been drilled by the feds. On the side of the safe were several boxes of chips. I did not collect chip until a year or so later.
To this day, I can not tell you what was on those chips and today there are no IDed chips from the Sportsman.