Does not lower the power reserve; that's a myth. Think about it: the escapement is what regulates the unwinding of the mainspring, whereas the chronograph merely is extra gears being turned by engaging a gear in the going train; the mainspring continues to unwind at the same pace - those extra gears are not causing it to unwind faster...how could they? - but the amount of force being applied to the escapement is just a wee bit less because of the extra gears that have to be turned. That results in the amplitude of the escapement being lessened. Long story short: power reserve remains the same, but you might lose an extra second per day by running the chronograph all the time due to the lessened amplitude.
As for whether you should do it or not, you should absolutely *NOT* do it for anything with a horizontal coupling engagement, notably the Valjoux 775X and Zenith movements. Why? The way the gears engage in this arrangement means one of the gears has needle-fine teeth that will wear down very quickly if run constantly and can even break, creating little bits of metal floating around inside the case. Not good. Vertical coupling? Knock yourself out. Yes, those gears will experience additional wear versus not running the chronograph, but that's a couple extra bucks at service time. In short, if you have a vertical coupling chronograph, run it if you really want.
Regards,
Alysandir