Jet,
My view follows yours, the temp sensor and over temp switch are showing oil temp, and as long as they are in oil then the delivery of information is accurate (to calibration limits). Once they are out of the oil stream then NO. I have experienced a decrease of temperature indications after oil loss, bulb now measuring air temperature at sensor. You can smell increase of case and internal bits temp and stress as it increases when you see the indicator increase it's to late. Secondary indications vibration, and stress noise, decrease in NR (hunting and unstable) increase in TQ (unstable and hunting with engine power indications) and engine trying to maintain power you should be not be flying and awaiting collection by friends.
