The group at Woodbury did something like that where they had some noise maker drawing the zombies to a pit they would all fall into. Then they came by later and burned them I think. Seems like a better idea than a wood chipper since a wood chipper would be a ***** to clean out after a few zombies. Bones would jam it up in no time.
They kept some(or all?) for their 'games'.
But, I would have a dry moat surrounding where I live with a couple chippers going in it, maybe some spikes, then burn it out once in while.
EDIT: One of those things in the post above would be nice to reach down in the moat to take care of the ones that don't make it into the chippers.