http://golftips.golfweek.com/two-way-chippers-legal-20349.html
"Two-way chippers are illegal. The United States Golf Association, the governing body for the sport in North America, sets forth the applicable standard in Rule 4-1d. It states that a clubhead shall have "only one striking face except putters with similar faces....
... the USGA's "Rules of Golf" require putters to have less than 10 degrees of loft...."
The clubhead design itself is illegal. Trying to claim it as two clubs doesn't fix that.