Hi LEM.
No, once you have recycled the flaps to 1 and back with no effect, you are not limited to 230kts UNLESS you encounter roll or you have more than 1 lights
I never thought that this is a complicated checklist. (I've seen quite a few of those).
All you are doing is checking whether you can retract the stuck slat by recycling the flaps to 1 and back. If after recycling flaps, the (one) light is still there and there is no roll, probably is an erroneous indication or the slat is not 100% retracted but...99.2% and it does not cause any more roll than a bent airframe!