Graviman,
Seems to me crew have to many guages, lights, horns to monitor already.
If you've got a chip light or any other indication of a malfunction, check all the other indicating systems for that component.
If you've got a transmission chip light but the oil pressures, oil temp & oil temp light are good & you cant hear/feel anything nasty then you're probably not about to fall out of the sky.
When you talk to your Engineer tell him what all the indications were showing, we like information.