The chisel had Deere 5/8 x 2 reversible points on it when we got it, with one side worn out and the new side down.  No cap on them, but otherwise I think similar to what you are describing.    I elected to go ahead and use them because we had a bunch of corn stalks which we thought some more residue coverage would be good on.  We just welded the 1/8" pipe to the back of the point and bent it to clear the shank.  I expected it to not seal well in heavy clay or wet ground compared to the Wiese knives.  Actual experience this year showed the points to seal better then the knives in clay or mud.  I haven't really figured that out myself.  The advantage to the knives is that they don't disturb the nasty clay very much, so if you work something a little wet it does relatively little damage....we have the shanks on 18" centers (basically removed the center row) which helps some in that regard, too.  Which one do I like better?  Well, they both have their place, but I am seriously considering putting the chisel points on both of them for next year.