WWWW
I've seen O-320's that have done WELL over 4000hrs, I'm under no illusions that they can go the distance, and based on that, I would have no qualms signing out an "on condition" engine if I:
- knew the history of the engine
- knew the operator
- knew that the operator understood what liability I was undertaking while trying to save him some money.
That is a pragmatic approach
As for a privilege not a right. I do not think so. It is not a privilege, nor a right, it is an analysis of facts, many of which are covered in your comments above.