Uhhhhh....
if it's a "cheat" it's not really a "chip" is it? Your activating the speed cheat, which just speeds up the entire game. I don't know about Pac-Man, but MsPacMan has a clone for it that is "MsPacMan(speed up hack)" which runs the game like it is in the arcades, a real fast MsPacMan, and slower ghosts.
The original board ran like you are playing it, but I (and a few other people on this board) have never seen one in the flesh that ran the real thing. You wouldn't be talking about MSpacman would you? Because every PacMan I have played has been slower like that.
So yes, that PacMan is "Correct". You just want the right "UnCorrect" one!
(I assume you were talking about the MAME dumps)