If done wrong the overmount can look "cheap". Done right it can look good, but you have to spend the money on a good sink, and the space must be able to accept the style. The picture below is what I feel an overmount done right is.

{{!gwi}}

If chipping is the only worry, I would go with what you want. If you put a small roundover on the sink cutout it can cut down on what you are most worried about.

I was wondering the same thing but then that would mean no runnels, one of the main reasons I wanted soapstone.

Ah yes once you make one decision. There are so many
more. I remember this part! We started thinking ss sink but for both cost and esthetic reasons ended up with cast iron. BUT absolutely undermount you can have runnels or drainboard in the ss. And besides I hate the gunk around edge for overmount