Was the common ancestor of chimps and humans functionally bipedal or arboreal?
You're right that there is still a good amount of debate on why/how humans evolved bipedal motion. Some of the hypotheses that I recall were the thermoregulation model, the behavior model, food-transportation model, and the savannah hypothesis. I also think there was the climate model. oh yes, the aquatic theory also.
As far as whether our common ancestor with the chimps was functionally bipedal or arboreal, it would seem evident that it would have been arboreal yet, like chimpanzees today, spent time on the ground foraging. After the split, bipedalism developed in our lineage.
...but does finding adaptations for bipedalism so close the common ancestor indicate a bipedal common ancestor?
I would say no, for the simple fact that fossil evidence suggests that we evolved
from an arboreal ancestor, and I don't know of any evidence that suggests apes reverted back to knuckle walking after being bipedal.
At the same time, australopithecines also have adaptations for tree climbing, most noticebly in the range of motion for the shoulder and adaptations in the wrist.
Iirc A. anemensis's foot bones were more primitive than A. aferensis and still retained features that allowed it to be arboreal.