So with this line of reasoning MANY,MANY members of HHOF would never have been considered "blue chip".
Of course. Just as in the stock markets the term comes from, very few of the best performing stocks are considered blue chips.
For those who are curious, the term "Blue Chip" actually has a definition: http://dictionary.reference.com/browse/blue chip
blue chip also blue-chip·per (blchpr)
n.
1. A stock that sells at a high price because of public confidence in its long record of steady earnings.
2. An extremely valuable asset or property.
3. Games. A blue poker chip of high value.
It seems most of the confusion comes because some people only apply definition 1, while others use that of 2 and 3. I prefer to use all three.