I have to agree with Kuzi, would not help a thing. Why do you want to do this? Cedar is not the reason cigars age. Cedar is just there to help regulate humidity. You would age better in a airtight container if the Rh and temp were steady then a Cedar lined humidor with constant fluctuation.
I don't believe cedar chips are made of spanish cedar. They're 2 different trees. Spanish Cedar belongs to Genus Cedrala. The more aromatic cedars used for hope chests, closets, chips and all the other more common cedar products belong to Genus Cedrus. You might get a lot more cedar aroma and flavor from the oils than you want, which would probably ruin the cigar IMHO.
aren't the sleeves that come on 5vegas A spanish cedar? I would leave those sleeves on, but if i could use them after i smoke that cigar, then i would...just a thought....