It looks like the chrome piece on the bumper sits flush with the rest of the bumper (painted area). I'm guessing that when you rip it off that there will be an indented area there. I also wonder if the area underneath the chrome is painted...it looks like it might be, but...ya never know.

Has anyone done this before?

 

Yes it is painted. There also are the knock-out holes exsposed for the PVC chrome trim part.

 

Yeah, I'm sure it would. Can you paint the chrome piece? Or get a new, unchromed one and paint that? There'd be an odd looking seam, but it wouldn't be as ugly as the holes.