--disable-accelerated-2d-canvas will disable GPU canvas
Google has a page on using PIX on Chrome. Unfortunately, it requires using --single-process which crashes on startup for me.
To work around this I was able to record the GPU commands using apitrace. I copied the d3d9.dll into both C:\Users\jrmuizel\AppData\Local\Google\Chrome SxS\Application\22.0.1186.0 and C:\Users\jrmuizel\AppData\Local\Google\Chrome SxS\Application\. I'm not sure which is needed. I did TRACE_FILE=foo.txt and it created the trace file in "C:\Users\jrmuizel\AppData\Local\Google\Chrome SxS\Application\22.0.1183.0\foo.txt". I needed to run Chrome using --no-sandbox. I was then able to run PIX on d3dretrace.