Note: This mod does not use lua

-Make a new particle. Make copies of the particle with the same names as bodyparts, with a lifetime of however long you want the wounds of that bodypart to 'count'. Have a script attached to it, which will make it determine the nearest thing with the same name, and give the particle a sharpness the same as the ID of that closest bodypart. After that, hover above the map, out of sight and out of physical interaction with anything.
-Give each limb its own wound, which emits one of the respective particle.
-For this idea, redoing the regeneration in Lua rather than with negative bleeding damage would be easiest.
-On a script on each bodypart, check for respective particles whenever there's a change in the actor's health that's not a change attributable to the regeneration. Also check for the particles disappearing and no longer counting. Keep a running tally of the number of these particles, and gib self if the tally exceeds whatever you want the 'artificial GibWoundLimit' to be.
-The script for the bodyparts, other than the torso, should also check to see if they're detached from the torso, and if so, always check for the wound indicator particles. It'll cause a bit more lag that way, but there's no health to be indicated of a new wound from, and the gib will probably settle before too long. Maybe gib self if it's been a long time without settling, to be sure there can be no unsettled, long lasting parts that lag down the game checking for wound indicator particles.
-I would suggest also throwing a bit of math in there, and making older wounds count less toward reaching the artificial GibWoundLimit, since they're partially healed.