Personally I think most people who argue consciousness is an emergent property of complicated physical systems would believe that the machine would still be conscious after replacing every neuron with a chip
If after the transition is complete we determine/decide they aren't conscious, then we have to argue about at what point the 'hybrid' brain ceases to manifest consciousness, and why. Maybe the organic parts would start to change their prior functionality in response to the synthesized parts... but that would suggest we just didn't have a complete enough model of the neuron and we're back to square one. Once that model is complete, there should by definition be no problem, unless you want to argue it can never be complete, for which you then need evidence to convince everyone.
I say it's worth continued study.