My son also has hypospadias. He is 13 months old. He does not seem to have chordee, as yet, though it's hard to say. The ped we took him to wants to operate on him, but after long discussions, and thinking of all the pros and cons, my DH and I have decided that we don't want him to have surgery. We would like to wait until he is older and maybe reconsider if it is proving to be a big deal, or if our son wants the operation.
It was a difficult decision to make- we just want to do the best thing for our little boy. The ped listed the reasons for surgery, and one of the biggies was cosmetics. He then said that our son would look liek a circumsized boy. To me this makes no sense, we live in new Zealand where circumsizion is very rare. By circumsizing him he would look much more different from other boys than if we leave him be. Aside from that, there is the peeing issue. The ped said he may have to pee sitting down, but as he only has mild hypospadias I think this is unlikely. It's hard to know how much of a big deal this will be, so we'll have to wait and see. As for the chordee, well, if our son develops this when he's grown up and sexually active, it'll be something for him to decide about. At this stage his penis does not look bent when erect, and the ped said this is a good sign.
Anyway, wanted to let you know you're not alone, and I'd be interested to hear what you decide. Best of luck!