does the key have a computer chip in an 1988 corvette

There was a chip option, but it is not like it is on current cars. If your key had that little insert in the key itself, then you will need to replace with the same resistance key (or just replace the lock cylinder and bypass the VATS module).

vats bypass is possible but not without some wire and resistor applications

I don't think the 1st. chips were standard untill 1992