A yawn ... ? Conway, you need to take some leave man!
Can only reiterate comments concerning shut down for a chip light ... the aircraft will fly on one (albeit with some limitations on landing or task possible) and that's why we do interminable check rides.
Safer to be OEI looking for a paddock than catastrophically wondering where that loud grinding noise and smell of smoke is coming from.
I have personal experience of having to press past a 'land as soon as possible' checklist action, that ended well (really well in fact - booze and round eye ladies while we effected the 250k repair to the cab) but I have to say in hindsight I would probably have done what Mr Chinook designer wrote to do and land the mother!@ - but then at the time we thought we were in some peril landing in the sad at night in 'no mans land'.
Whatever your actions options may be, here is the acceptability test:
1. Am I still alive?
2. Are my crew / pax still alive?
3. Do we have a reasonable chance of surviving until someone comes to get us?
4. Does someone KNOW to come and get us?
....
999. Is the cab still alive?
.....