Yes, INCHWORMS is a Scrabble word!

Letter values in Scrabble US: I 1, N 1, C 3, H 4, W 4, O 1, R 1, M 3, S 1.

Is it a valid word?

INCHWORMS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

small hairless caterpillar having legs on only its front and rear segments; mostly larvae of moths of the family Geometridae

Also: measuring worm.