Although there may be some variation as to interpretation depending on your Council, the most likely answer is no. With the possible exception of the Lodge Chief, youth officers should wear the shoulder loops appropriate to the Scouting units they serve (red or green for Scout troops, orange for Varsity, etc.). An easy rule of thumb is to match up the shoulder loops to the position patch on your sleeve. Whereas there is no position patch for lodge service chair, it does not warrant silver loops. Remember that the primary duty of an Arrowman, regardless of position, is to his own home unit. Good uniforming should reflect that. From the official Insignia Guide:
"Colored shoulder loops identify the area of Scouting: blue, Cub Scouting; red, Boy Scouting; blaze, Varsity Scouting; green, Venturing; silver, council and district; gold, national and regional. Wear the color for the primary registered position in which you are functioning."
The only difference in this quote is that the khaki green loops now identify Boy Scouts as per the current uniform. The text has not yet been changed to reflect that.