Well, we went to the Ford Dealer today... the Pirellis weren't priced too bad... 225 with installation and everything. However, they didn't tell us about the wheel repair, since they don't do it. A brand new wheel (Stock 18" GT) are $390 CAD... screw that. The chip is on the edge, about the diameter of your... hmm....its smaller than the centre button of an iPod....ah! Its about the diameter of 1-1.5 CM. It doesn't look like that it would leak air, since the tire sits in the rim, however, the edge IS kinda sharp. I think that if repair would be around $100 (+- $15) it would be nice. Other than that, I think buffing the edge down would be the best, and then clean it. Also, should we replace 1 tire or replace the 2 rear tires?
EDIT: Site says our rims are $490.. dealer isn't ripping us off!