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Then absolutely buy a replacement tip. It should come with new rivets. Drill or punch out the old rivets then install the new tip and set the new rivets. Just wherever you buy it, make sure you see a picture of it and confirm it's the same mounting pattern as your current bar.

Absolutely not. The sprocket tip isn't hardened and the gap is too wide for your chain to ride on it without the sprocket. And sprocket tips can be replaced but in 40 years I have never done it. By the time the tip fails I just buy another bar.