Hopefully this does not qualify as a highjacking of a thread as the information contained in this post is directly applicable.
The generation of a chip light could be from the metallic fuzz generated by the break-in in of a new trannie or an engine, it may be a false alarm and then again it may indicate the impending failure of a part within the lubricated systems of the equipment that is being monitored. If the chip light is for real or illuminated for another reason then by all means follow your operational procedure. However if there is a catastrophic failure at hand then depending where it is may or may not dictate what happens next and how fast it happens.
There is a means of detecting impending failure long before the generation of chips and chunks and that is SOAP or Spectrometric Oil Analysis Program. This system if you are not familiar with it requires the periodic sampling of the oil and sending it to a laboratory that is equipped with the necessary equipment to measure the build up of wear metals in the oil. The wear metals are actually a part of the oil and the oil then becomes an organo-metalic compound which can be measured to detect the specific wear metals which in turn can tell you what type of component is wearing and at what rate. The rate is monitored as a part of the test and when it is determined that the suspected part is wearing at too rapid a rate the lab strongly suggests that the gear box or the engine be removed and inspected internally. Frequent filter changes will help but frequent oil changes will not as the oil change will dump the metal chips in the sump but it does not help in detecting the presence of wear metals. If you find chips and chunks in the oil when it is being drained then it is already too late. In the next flight it is possible that you can suffer a catastrophic failure. As a scientific test they placed chips in new oil samples and the SOAP test could not detect them. Using old oil and those same chips the SOAP test detected the wear metals but not the chips.