If i was to remove a permanent retainer from either the top or bottom teeth, is there a risk of teeth chipping or getting damaged?

Why retention: There is little need for long term retention if the jaw position, bite, joints, muscles head and neck are in balance so they all work in harmony. A permanent retainer usually means this harmony has not been established and retention is there to overcome the body trying to "balance itself". If you are using the retainer as a night time sleep appliance, then it may be needed long term.

Not exactly: Teeth will prob shift. May help gum health though. Alternative is wear a removable retainer at night.

Don't do it: There is always a risk of trying to do these things yourself. You should see a dentist or orthodontist to assist-- they know the proper technique and have the correct instruments to do this without risk.