Egads, after replying to Hamid's missive I continued to read the JUNE 2005 AOPA PILOT and came across John Yodice's article "In-flight Mechanical Problems."  Noting, as did Schiff, that the pilot has the overriding right to determine what is the safe course of action.  Nevertheless, the FAA can resort the regs language to satisfy their needs for safe operation (Hi, I'm here to help you......).  Anyway, add this to your required reading list.  There are no "Cliff's Notes" covering this topic.