Assuming that the baby is his, I think that Chuck will be happy. Chuck truly loves Blair, and he's grown up so much as a character. I also think that he'll be a little nervous and a little more protective of Blair if she happens to be pregnant. Ultimately, though, I'm pretty sure he will love that baby with all of his heart. <3
If it had happened in season 1, 2, 3 or early 4... I don't think he would have reacted well, probarly requested Blair to get an about or something like that... But in the end of season 4, he seemed to have grown up as Chuck have said himself :)... So I believe he'll be happy <3
So I'm hoping she IS pregnant, which I'm pretty sure she is, after I've seen one of the shoots! :D
I think he will be like OMG, but then he will think okay now I have a future with the person I love the most (Blair) and going to have a family. And I think that's what Chuck really needs: a family..