Thanks for all the helpful responses. Very interesting the idea of keeping high power until reaching the ground.
Interesting choices on best airspeed and altitude to fly after the transmission chip light, while over an unsuitable landing spot. I get low in altitude, but it seems a tradeoff between going very slow, and taking forever to reach shore, and going like a bunny to minimize time over the water.
Homer to Lake Clark is a regular trip, and it is 99 miles in perfect weather that allows you to go direct, a bit more for low weather with some deviations, but 160 miles around by Kenai which cuts the over water time, while requiring a refueling, and exposes you to a lot more traffic.