I just bought a bunch of old chairs that are about 60 years old. I love their "worn" look-- chipping and faded paint in certain places. I was told to simply repaint them but I would like to keep them looking just the way they are. is there any way to preserve that worn look?

You could apply a coat of good quality furniture wax using a light rub - eventually this will wear but the finish underneath will be protected and you can wax it again at regular intervals (about once or twice a year depending on use and wear). The second option is one I have used a bit, is to apply a thinned coat of amber shellac ove the paint. This will literally lock it in place and give it a little glow at the same time. Even better is to then wax lightly over the shellac.