What was found
IN LEVEL FLIGHT, CHECK INSTRUMENT LIGHT ILLUMINATED, I TOOK POWER AWAY AND THE LIGHT WENT OUT. CHECK INSTRUMENT LIGHT ILLUMINATED AGAIN AND THE TORQUE GAUGE CYCLED FROM ZERO TO PEGGED OUT. EXCEDANCE SHOWED 63 PERCENT OVER TORQUE. LOWERED TEMP TO 200 DEGREES BELOW NORMAL AND RETURNED TO INTRACOASTAL. MADE MINIMUM POWER LANDING. THE MECHANIC REPLACED TORQUE TRANSMITTER AND TORQUE INDICATORS. THE AIRCRAFT WAS RETURNED TO SERVICE.