Hey George
It's really one of life's ponderable issues. I've had many chip lights from xmsn-trgb's-engines etc and still can't help with a definitive answer. just food for thought.
1) A low time a/c will often produce fuzz alarms
In your case I would (uncomfortably) continue monitoring temp and pressure for backup confirmation of a developing problem (or not) I would be descending to a height where I can get it on the ground/water quickly, very quickly; while looking for an LZ.
Over land: Land as soon as possible and pull the chip plug. Fuzz is clearly fuzz; clean the chip plug on a clean cloth. Tear a chunk of your t-shirt if that's all you have, and keep the rag and fuzz. With a new a/c they may want to analyse it (soap test etc) for warranty purposes.
Over water: I'd look for any land mass, boat, rig, floating debris: anything that could get me out of the water after a forced landing (not an auto,more on that later) I know the region well and although it's not arctic, as SASless suggests, it's still not survivable for long at any time of year.
If I was lucky enough to find a boat etc, I'd hover really close to get their attention and see if it develops at hover power (expect a temp rise in prolonged hover - but at the first sign of pressure falling off or any noise developing I'd put it in the water next to the boat
(A big boat and I'd drop in for coffee if they had enough deck space)
It would be nice to have all the emergency gear on board but realistically it seldom happens with light singles. I'm presenting a scenario where you're not supported by a large OGP audited operator who gives you all the advantages (sometimes;-) and as we used to say back in the day.
'Better to beg forgiveness than ask permission' in reference to landing on the boat ;-)
In the case of a machine that's had a hard life in RHL type work. all the (possible) fuzzing associated with new components is highly unlikely and typically means someones likely to have a bad day.
You if you continue...Or the mechanics when they have to figure out how to get to the typically inhospitable and unreachable area you parked the bastard.
I have many mechanic friends and many of them need exercise more than I need a catastrophic tranny failure in flight
...
Specifically xsmn chips:
There's many opinions on this issue and some are aircraft specific: Some people believe dry running bench tests demonstrate x minutes of endurance with no oil just to give one example. The legitimacy of these tests can be argued forever; with no firm conclusion on my part...
And there's plenty of metal chunks in the xmsn that can come apart with plenty of oil available.
The one thing I decided years ago was if a genuine xmsn issue occured; I would under no circumstances reduce power lower than needed. I would drive it under power to a forced landing at the first survivable area.
Reducing power while trying to find out what's actually happening is another issue. I'm only talking about the no oil press/high oil temp/weird noises situation.
Just one more opinion...
Keep safe....170'