Just be careful with Chillrend because it's a leveled item which basically means it will be of a higher quality if you find it at a higher level. I'd suggest waiting until you level up some, unless you're already of a high level, if so, go for it.
Someone posted a video of getting it without being in the TG, yesterday. It didn't look like he got bounties when killing the guards. Search around a bit on this forum and you'll find his post ^^
e: Found the link in my browser history, heh. http://www.youtube.com/watch?v=efaOCeiGIuA&feature=channel_video_title
If leveled loot is a concern and you want a strong Chillrend early without waiting until level 46, you could make your own Chillrend if you have smthing/alchemy/enchant leveled. Just grab a glass sword, and throw in frost + paralyze, name it "Chillrend" and there you go!
I just picked up Chillrend last night. Haven't had time to check it out though. Can it be disenchanted? I'm guessing no. How is the charge on it? The Nightengale sword runs out really quick, so I barely use it. My enchanted stuff seemed better.