In practical terms, if you have an incident and are tossing up between Panx3 and Mayday then it's a Mayday.
You can always downgrade later.
It is a common human failing to think "OK, I can handle this without priority treatment." Just think of the consequences if you can't.
Pride doesn't come into it - professionalism does.
Currently thoughts with the Master of the MV Explorer.
No doubt feeling a prat for losing his ship but got on with the emergency in hand and saved all his passengers and crew - respect.