To go one step further...
One thing we all have hammered into our skulls from day one of pilot training is to analyze the situation BEFORE you take action. I have no direct knowledge of the incident that generated this discussion, so I won't scream bloody murder for a Q-3. However, it sounds like she just reacted without thinking. First, not noticing the light earlier - strike 1. Second, not knowing that the light is always illuminated - strike 2. Third, opting to high-speed abort on a touch-and-go for a bus off light? Strike 3. Are you sure the SA low light wasn't illuminated as well?
Regardless of whether you can high-speed abort in a Herk, often it just doesn't make sense, and sometimes it's just plain dangerous. She clearly didn't know what the problem was, so what if that light had been a prop low oil light and she reacted the same way? 9 times out of 10, the prop is fine, but what about that one time where it dumps all its fluid and doesn't change pitch when you rip the throttles back to idle, or worse all the way to ground idle, at high speed? You think that 9000' of runway remaining is going to do you any good now?
There are a lot of problems in the Herk that you don't need to abort for, and some that might end up with you pissing in a cup if you do.