Yes, but he still can make CW easily, so he should move down. While the Klitschkos are around he isn't winning a title at HW.
We really dont know how Chambers would do at cruiser till we see it, but I'm assuming he'd have significant skill and chin advantages over most of the competition. Chambers wouldn't have any trouble making the weight. Most top cruisers drain to 200 then show up around 205-210 fight night. Chambers is already down to around 205-210 as his optimal heavyweight fighting weight. It's too bad Chambers is inactive and indecisive.
Man Chambers lacks punching power. Why do you think Wlad fought him? That was a sad day Wlad was fighting safety first against a man 40 pounds smaller. Steward had to beg Wlad to take a risk