Okay to upgrade your chipset i believe you have to get a new motherboard. The best reason is that they are faster and can handle more processor speeds\RAM. Mobos are made to handle a certain range of PCU and RAM. The newer boards can handle faster PCU's and can have more RAM installed. IT would allow for your system to be faster that is about it. I currently have a 3.4 GHz P4 with 1.5 GB of DDR2 RAM installed. My system can hold up to 4 GB of RAM. While my test rig is onyl a 2.6GHz with the max RAM of 2 GB. As for what chipset to get it all depends on what processor you would use.
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Phone: LG Optimus G Pro
Running: Stock JB from LG with Nova Launcher