I have a non-tradable Artificer's Chisel that I got in one of those level present. I want to use it on an Immortal item that I have. However I'm not sure if it will make the Immortal item non-tradable aswell.
No it doesn't, I've used a non tradable tool to create a gem socket on a courier and the courier is still tradable. However using a non tradable item in a crafting receipe will craft a non tradable item.
For any action that result in creating a non tradable item, you are promted a warning and a confirmation.