Have those engine manufacturers got you guys in their pockets
Dont muck about with it. Transmit a Mayday then downgrade later if/when prudent.
A mayday call will make avail a bunch of services and support that a pan wont. Not to mention if you try using pan in many places they wont have a clue what your talking about. Something along the lines of
"fastair 123 pan pan" etc ...... ATC .... "fastair123 are you declaring an emergency?" ....... "fastair123 .... Errrrr ..... yes"
In a 2 holer you most likely will descend and divert, prossibly to somewhere your not that famil with , hardly a normal day at the office.
Dont get cute ... keep it simple.
OF. that last sentence or two dont make sense to me..?