Technoprat
"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".
What a ridiculous statement.Whats the point in having chip lights?You suggest pressure and temp indications are good enough.When you "hear or feel something nasty" it is probably too late to do anything about it.You only have one MGB!
There are also commercial considerations to continuing flying while your engine/mgb disentgrates behind you.Shop repairs/overhaul can be expensive and more so if chip lights are neglected.
I suggest you return to testing oil samples for debris.A business which plays an important role in trend mointoring and fore warning responsible operators of impending $$$$.