I tried using a Chromebook as a dev machine several years ago - before Android apps. The chroot situation worked well enough, but the dev-mode boot was a deal-breaker.
Back then, if a Chromebook's local storage filled up, it would factory-reset itself. Is this still the case? This is one big thing keeping me from trying this again (which I'm very tempted to do so after reading this article). Investing in setting up a dev environment like this is fun, but only the first time around...