[Poshua]

The comp chip has no value unless wagered, just as the money has no value unless spent. The comp chip is equivalent to a gift certificate to a casino. Are gift certificates valueless?

As for the EV impact of hedging, OP's ask was about how to minimize risk when betting the comp chip. In the case where you have two comp chips of equal value, betting them on opposing even money bets (red and black, say) is the same from an EV perspective as putting them all on red or all on black. However, you have greater certainty of outcome by hedging.

In the case where you have only one comp chip, you do lose a little bit of EV by using Total Poker Noob's strategy-- mostly because it involves putting out $100 in cash as well as the $100 comp chip. So, you're taking house edge on $200 instead of $100. However, a player who cares about certainty of outcome may be willing to give up a bit of expected loss to gain certainty.