From a -53 perspective (3 engs and 2 Nose Gearboxes that fed the MGB) , if you got a chip light, you'd scan for secondaries (temps and pressures). If there were secondaries, you'd shut down that motor; if not, you'd pull and reset the CB to clear the fuzz and see if the light returned. If it did, and there weren't secondaries, you'd maybe take it to the nearest airfield, shut down and have the CC pull the chip detector and see what you're dealing with. If it's just a little fuzz, turn back up and ground turn it for 20-30 mins to see if it reappears. If not, press on. If so, depends on the situation.
Now, a little different with the essential transmission gearboxes (Main Gear Box, Intermediate Gear Box, Tail Gear Box). Any secondaries, you're landing immediately. Out over the water you're thinking ditch it, or if close to land, maybe get low and slow and try to limp it to shore. But, if no secondaries, you'd still pull and reset the CB. If it came back, it's land as soon as possible, shutdown, and have the CC pull the detector to see what's going on...call back to base if you can..if not, that's why we designate people aircraft commanders.
Just my observation from my (now a little dated) experience as a -53 dude flying a large, old helo.