From my experieance the air chisel elongates the holes to much. On small rivets they work OK but not the bigger ones. I suppose a large enough one would work, but I didn't have any luck with the largest Snap-On offers when used for 3/8" rivet heads.
Worked great with a punch for pushing them out though.
It'd like to find a good air rivet hammer, they look about like a jackhammer only half size, at least the size I could use. With a chisel it would probably be great for busting rivets, and better than the Snap-On air chisle for setting hot rivets.
Grigg