Can you be a good person if you haven't got an opportunity to do wrong?
While this is probably a really effective way to stop pretty much all crime and wrongdoing, it's a massive invasion of privacy. When you were a teenager, did you ever sneak out, or go to a party you weren't supposed to, or sneak a kiss when you weren't allowed, or skip school or experiment with illegals? Of COURSE you did, everyone experiments. Your parents could instantly know exactly where you were and what you were doing at all times.
Your spouse could tell if you were cheating, of course, but also where you buy their birthday present, and every time you become aroused- whether or not you're unfaithful.
A huge part of society is trust, and ninety-five percent of people will never do anything wrong. However, having every person monitored constantly makes "good" and "bad" meaningless- the only people who are free are the very, very young and the insane, those who can't understand that they're trapped.
So, no, I wouldn't. I will never kill anyone. I will never steal, rape, or pummel. I will never do hard drugs, or become a terrorist. However, that would stop mattering if I were implanted with a chip. Even if you wouldn't cheat independently on a test, it stops mattering when you have to take it in a room by yourself. The fact that you did not cheat loses all value.
Innocence has a value, and trust has a value. Until there is reason to believe that one has or will do wrong, you have a right to freedom and trust. This microchip idea reeks of an Orwellian dystopia.