Hello Gabra1 from a Pprune newbie.
If your Emergency Checklist says;
"recycle circuit breaker, if light remains on shutdown engine"
why would you want to do otherwise under the circumstances you quote? What "experience" would cause you not to follow the checklist? I would maybe understand your inference if you were talking about a fire warning when "experience" shows that 99% of fire warnings are false.
But even with a fire warning in the circumstances you quote, I would probably shut down the engine and RTB if for no other reason than the fact I would have lost the fire warning system for that engine.
I know that chip warnings can be triggered by metalic dust (do you have a fuzzburn facility?) but a mechanical breakdown of a bearing or similar can be very expensive if not dangerous if allowed to develop. In my mind, a single engine RTB is no big deal. I can't remember ever having an engine chip light coming on during my time on the S61 many years ago - but maybe we didn't have chip lights fitted in those days.