So....if you were at a hover, two guys on the winch line, Pressure drops to zero and caution light illuminates....you hit the Red Button and cut the hoist wire, and immediately pull the Engine Lever to Stop....and shut the fuel cock to the affected engine?
No, you would initiate a transition to safe OEI flight, winching in as you do so and then shutdown the engine - you can't have a 'one-size fits all' approach to emergency handling - there has to be some airmanship and discretion applied to suit the scenario you find yourself in. If you were safe OEI in the hover then shutting down the bad engine, once confirmed would also be acceptable - it is still better than an explosive failure taking out the other engine.
Flying Bull - the white metal bearings are at the input to the MRGB stage not the back end of the engine where the No5 bearing seal used to leak.