212Man,
Did you not in a previous thread talk about developing a "conditioned response" in pilots during training for later use during emergencies? Why would the considerations you cite matter if pilots are to comply with these procedures as written in the RFM?
Also Nick ol' Buddy....the industry tends to skip over the concept that a single illuminated caution light labeled "Eng Chip" with absolutely nothing else being abnormal is a very much different situation from having secondary indications of a problem. That could be in the way of a history of chip lights, fuzz accumulation, actual chip accumulation, recent engine change for an engine making metal and no change of the associated oil cooler.
I see the engine chip situation from this perspective....
Light Only....No other indications abnormal/No history of trouble
Light On...completely spurious indication (wiring fault maybe)
Light On...build up of fuzz
Light On...small hairs or slivers
Light On...small chips or flakes
Light On...real chip
Light On...chip with part numbers
Light On...Large Metal bits....ugly noises....whole part numbers
Until we get down to the very bottom of that list.....leaving the engine run can do no real harm. Once again...we are talking about a caution light only and no other indications.
I firmly believe in leaving the thing run....keeping an eye and ear open.....and until a second indication occurs....leave the engine running at normal speed. Immediately upon suspecting a second indication...oil pressure/temperature change, vibration change, sound change, change in smell of the oil from the vents/breathers....fluctuations in the gauges....make a decision as to shut the engine down or not....but not before then. Much better to divert to a safe landing site on two engines and land there on two rather than risk having an engine failure on the remaining engine or making a single engine landing in marginal conditions.