There's a steel mesh that captures chips. Then the chips end up on the floor of the tank. Then there's those sieve-holes in the pump intake.Aren't the chips filtered out anyway as the coolant returns back to the tank?!?!?!
Will zero chips get through? Seems unlikely. Will very fine particulate chips get through? Absolutely! The pumps are made to be robust and allow for some grit in there -- at least theoretically.
It still seems like a good idea to make a two-compartment coolant tank, though, where chips settle on the bottom of one half, and then the top of the coolant (with less chips in it) overflows into the part with the pump intake. I haven't set that up, but I acknowledge this as a good idea and as the desired end state!