Is this something you SHOULD do for small chips on the side of your board?
Unless you're super anal about that stuff, no.
I mean, take a good look at it. If it looks like something that could possibly delam on you, ya, you might want to epoxy it.
For the small ones though, I just smooth them out with a diamond stone and call it good.
When i get home from boarding, I usually clean up my board and wipe down my edges, so i find it easy to just give the sidewalls a once over right then.