Chord looper is similar to a guitar looper, but the later is much more flexible allowing user to continue to keep overdub on subsequent plays of the loop. Once "recording is stopped", the recorded part will keep playing in a loop allowing the guitarist to play solo.
I would use it this way, in a live play situation:
1) activate chord looper on the part of the song (when singer is singing) and you are playing accompaniment, this way, the accomp. for this section if recorded
2) when the singer pauses for the interlude, you play the chord sequence and using both hands to play melody+other stuffs making a RICH solo (that's the main advantage of chord looper).
3) when this soloing is done, go back to normal accomp. play for singer to continue.