Guys.
You cannot compact woodchips. Nor can you glue them down with mulch glue and magically make them into a base. Using wood as footing is a cheap and temporary solution that requires a lot of maintenance. When the lignin breaks down the chips hold water and all you can do is remove and replace them.
I grew up riding on wood chip arenas, fwiw. They are slippery as hell, they freeze, they get deep, you have to rake them constantly, they get dusty and every few years they need all the wood removed and replaced. Occasionally someone gets a huge puncture wound. There is a reason no-one has built one in 30 years or more unless they have a ready supply of cheap cedar, the only wood worth even trying with.