There's some facts for arguing it on either side, but on balance, I'd call it a "limited edition" (though a very large number of "limited run" chips made).

To first give an opinion on inlay size, I agree with you that it is OR not OOR.

Back to the Treasure Island / Mystere $5 chip you show. It's listed as being issued in 1997, which is after the 1993 first issue (opening) $5 rack chip, but before the 2003 $5 rack chip that says "ti", issued when they shortened their name to just "ti".

But Treasure Island does have a small history of issuing LE chips, with their $5 year 2000 "Millennium" chip. Neither the Mystere nor the Millennium chips have "LTD xxx" notation on them to totally confirm the LE intent.

My deciding factor is that Treasure Island didn't issue any other denominations ($25, $100 or higher) with the Pirate pic/Mystere design on them. If they had, I would say that design was a re-rack. Without the multiple denominations, I'd call it a LE (just a large-quantity LE.)

But you'd be surprised how many chips "walk" out the door over time, especially with a catchy pirate graphic on one side and the name of their popular and long-running Mystere show on the reverse.

One last comparison for your consideration. In the last CCA magazine, I had an article that spoke about the Circus Circus $1 "Fifty Year Anniversary" chip they made (see page 41 in the CCA magazine). It's listed, and I agree, it is a limited edition chip. But they ordered 100,000 of that chip!. Not really limited by quantity, but by a limited-duration event. And again, you'd be VERY surprised how many Circus Circus chips -- especially just a $1 denomination -- walk out the door as souvenirs. I'd argue that CC only broke even on that order, but maybe (hopefully) that was OK with them, since it marked a major milestone in their history.