Now, Michael just remember you asked us to check out this post.
On a serious note, I don't see anything wrong with graduate chapter members participating in a step show every now and then. If members are willing to perform in a step show and have their act together, then go for it.
However, I would hope that step shows are never the primary focus of any undergrad or graduate chapter. Step shows play a unique role in the BGL experience, but it does not take the place of our organizations' focus.