Rules of track and rules of physics...
1. The torso rule has been a part of track and field since I have no idea how long. As long as I've been alive at least.
2. They don't wear chips in track races thus the "chip rule" has no effect. Chips are used mainly for convenience in large races. When determining places up front, for money and such, they will always use the torso rule. For determining time for the masses they will use the chip. Torso supercedes chip when it comes to places of importance...unless you have a bonehead RD.
3. Let's take a look at the physics of "the dive":
a. Have a friend video tape you.
b. From a running start jump forward with arms outstretched without leaning forward, ie without changing your vertical position.
c. Do the same again but this time lean as far forward as you can.
d. Look at the tape. In which instance is your arms and/or torso further out?
Running can be viewed as a series of repetitive single leg hops. By extending forward, leaning, you extend your vertical alignment slightly forward. The problem with excessive leaning is that you will trip and fall due to gravity. Hitting the track slows you down. If you time your lean to the last stride you should be able to extend your body forward, thus reaching toward the finish line with your torso. Falls, dives, etc do not happen on purpose on the track. A well timed lean will be just as effective. The dive is just a continuation of the lean...it just hurts a lot more.
Alan