What strikes me as a key point about the faulty fuel readings scenario is that as well as having misled the pilot when determining whether to accept the Dalkeith tasking, and when calculating bingo fuel on the task, when the red light finally appeared, the gauges were still showing fuel available, and there were still no amber lights.
So his first dilemma is whether to place his faith in the gauges and amber lights or in the red light.
If you believe the gauges, you continue with plan A and head for home (which is very close) and have maintenance check the fault with the light.
If you believe the red light, and it is daytime in the countryside, maybe you park just to be sure, and call maintenance. At night, over a heavily populated area,trying to park is not without considerable risk, and being so close to home,the lesser risk might stil be to head for home (and anyway,the gauges could be right after all).
NB Two out of the three options involve continuing to head for home.
The first definitive indication that the red light is correct would be the engine with the smaller supply tank flaming out. Even then, if the manual is correct, you might still have enough to limp home, and it could still be the least bad outcome.
Yes Air Police, this is speculation, but I am not sure that it is fair to describe it as wild.