Yes the accounting denom, coin denom and player denom(s) are all independent with a multi denom version chip on a S2000. All player denoms should be evenly divisible by the coin denom to keep things straight. .25, .50, 1.00, 2.00 player denoms could have a $2 or a $10 coin denom. Could also have a .25 coin denom but it wouldn't make sense to insert 8 coins for a 1 credit $2 bet. The accounting denom can not be higher than the lowest player denom.
With that being said, certain SP chips will allow excess coins inserted to go to the credit meter after the max bet. SP1137 is a perfect example. It can also be set so each coin or token inserted can have a value of up to 99 credits. Check it out Jay! PSR attached.