The simplest would be to mount a thermal switch on the heatsink. When it closes fire a GPI.
Something like this at the temp threshold that you want to alarm:
http://search.digikey.com/scripts/DkSearch/dksus.dll?Detail&name=3455RC%2001000247-ND
Find out the temp were it's failing now, and select a switch maybe 5 or 10 degrees lower.
For the room temp, maybe a plain old thermostat tripping a different GPI.
Using one for AC/HEAT would give you high and low trip points.
This would at least give you some alarms.
Bob
WB3AWJ