Wallace and Gromit Sound Design Ideas

Before doing chase sequences look at classic ones. Its about sustaining motion and action the whole way through. You must do this sonically as well. 
Watch "Bullet" and the original "Gone in 60 seconds". 
Classic chase elements: Quick (some faster than others. Visual cues happen very quickly.) the tracks Gromit lays down have a sense of rhythm to them. To start off with it isn't quite as intense. 
When does the chase sequence start? Import point for when to bring in the music. You need a definite sync point. 
What do you do with the music? It is the most important factor here. The rhythm and flow of the animation needs to be complimented by the music. It will need to have the same tempo. Using the music in conjunction with sound effects as though the characters in the world are affecting it or moving in conjunction with it. 
Melodic contour? Give each character a certain theme music all so layers come in and out. Music can cut out when the penguin hits the trousers. Gives the focus to the visuals and helps accentuate the punch line. 
Take the length the chase happens for, work out the tempo of the piece and that gives the foundations for the music. Divide the time by the beats and with the tempo gives you the bars of music to work from. Eg 10 seconds turned into minutes. Take the number of bars you need and that's how many beats 4 for example is 16 beats. This gives you the tempo. 
Other musical sync points can punctuate certain areas with chord stabs etc. You don't need to match everything exactly to everything on screen. Can end up Mickey mousing (a very very high degree of synchronisation). Everything is perfectly in sync with the visuals and gives a very cartoony effect. The clay-nation visual style would not suit this as the world is solid unlike cartoons. 

1950's look to everything but never seems to be set in that time period. Set in a kind of fantasy modern day. A very contemporary period and slightly steam- punky. Reference back to the industrial revolution. A clunkiness and quirkiness to the world. Bow do you communicate this through music. 

Where is it set? Yorkshire. How do you bring that out, if you want to, in the music. A weird contemporary but traditional Yorkshire. 
A player piano style... Like silent movie. 

Sfx fine line between exciting and cartoony. How does a slide down a banister sound.  I would take a syncresis method with sand paper to over emphasise the action. 
Toy train set do you keep it clicky and small or bring out some real world train like qualities. Not to a full train standard more like a smaller motor. How do you stop it being drowned out by the music or over powering it?
Emphasising small points that wouldn't be that loud but used for comedic effect.  
Play to the importance of narrative points. 
Do you sync with every track placement? No to keep more of a rhythm in it. Sync start and end points though to give continuity. 

Always try to sustain engagement.