Yes, people do stud out chameleons. It's a lot easier if you do this with a friend or someone from the forum in your area at first, since you can meet them, their animals, and get to know their standard of care. If both parties agree to the match then you have to settle on the terms of the agreement, which can be some monetary compensation for using your male or the promise of some eggs/hatchlings.
Female chameleons are awesome though, you wouldn't regret buying a female if you did. You realize that they are so much prettier than what they seem like in photos and that they vary their colors and patterns a lot more than males with their moods.