why did you not hop it over to the nearby airfield?
Mmm, it had something to do with the EICAS displaying MGB OIL PRESS, MGB OIL HOT, INPUT 1 CHIP, ACC 1 CHIP, ACC 2 CHIP, CHIP SYS FAULT, AC GEN 1 FAIL, The oil pressure dropping from the yellow band into the red range, and the MGB oil temperature scale disappearing once it reached it's limit. Oh, and the sensation of being in a welding shop - acrid hot metal smell plus a cabin full of white smoke. If I'd been over water I'd have ditched about 2 minutes sooner than I actually landed.
In answer to your other question, if the same thing happened to me again the indications would be different - the CHIP cautions would now say HOT and the temperature would continue to indicate. There is also a revised drill to bring the throttle back of the input module thats churning, which should reduce the heating significantly. So, probably I would continue further than I (we) did.