TheSassySam said: "Hmm, do you think it would be possible to exchange it for another LCT production at maybe a lower value?"
Never heard tell of it. That said, a lot of theaters did have policies related to weather-related attendance (so that people weren't spooked to buy February tickets, etc.).
If you're waiting to see if you're flight is canceled or all flights in/out of O'Hare are, then I'd just see if it happens, and as SOON AS IT HAPPENS, call Telecharge and say your flight was canceled and you can't make it. You probably have to pivot on the actuality and not the possibility to get a decent result. That would be in hope of a flat-out refund, though.
As for using that to pivot for a future ticket, no idea.