I really don't think a chatterbait can replace a crank at all, they are totally different beasts. Reading the post about vibration thing it is more about getting in tune with how each of your crankbaits run. I would say most cranks vibrate less than a chatterbait, and the reason we have many styles of cranks is because the different vibration patterns work under different conditions.
Two examples. Shad rap which is a very subtle bait is a killer cold water crank due to the limited commotion it makes. While on a vacation a few years back, I was crushing an active bass bite with a hard wobbling Xcalibur square bill. We had a major front hit, and they would no longer hit this bait. I then switched to a Bandit 100 which was a little smaller and more subtle action and I started to crush them again.
Personally I get the feeling that a chatterbait is for more active fish that will chase as a general rule, and you may get some inactive fish, if you put it right in front of there nose and bother them enough to strike it.