I would submit that worrying about an Engine Chip Light being any kind of warning that requires any sort of immediate action beyond re-setting the Master Caution Light then monitoring some instruments and listening for abnormalities..... is really over the top
You take me back to the early days of the 76
SAS, factory advice varied from shutdown immediately to reduce to idle. The shutdown immediately was not without reason, collapsed bearings were frequent, but that may be a reflection of the hard use we gave those Allisons in our particular operation. I think we averaged about 400 hours on an engine, and engines were actually blueprinted on overhaul to maximise performance. That was the days when we owned the engines and prior to the pay by the hour nonsense
(Turbomeca) that introduced engines so miss matched at times it was unbelievable. Trimming engines where one was N1 limited and the other TQ.
Did a US Army accident course at Headshed Vietnam and they showed an interesting video of the establishment of the zero airspeed line of the OH6 HV curve. Started high and worked his way down in altitude, you could see things were getting progressively more exciting, the final rolling into a ball and coming to rest on its side. Driver climbed out unscathed, turned, looked at the wreck, removed helmet and threw it at the comatose Hughes.