I completely agree that a flow sensor will give you a first line of defense. At any decent RPM level, interupted flow gives you a minute or so. Once the audible alarm goes off, the engine is too hot and damage can be done in a remarkably short period.
As I experienced first hand -- you can have "clear" tubes, good flow, but if your heat exchanger has deposits in it, then the only thing is to have it ULTRASONICALY CLEANED.
I believe the only reason to measure EGT (exhaust gas temperature) is not really protect from over heating, it's to optimize the loading and RPM.