B737 FLC FAILED TO DECLARE AN EMER WHEN MAKING A 1 DEG FLAP LNDG.

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ON OUR DSCNT INTO DEN WE WERE BEING VECTORED FOR THE VISUAL APCH TO RWY 7. APCH CTL KEPT US HIGH FOR TFC SO WE WERE HUSTLING TO GET DOWN. THE VECTOR TO JOIN THE FINAL WAS LATE AND WE FLEW THROUGH THE LOC. WE REJOINED THE LOC AND BROKE OUT OF THE CLOUDS WITH THE RWY IN SIGHT. WE WERE CLRED THE VISUAL APCH TO RWY 7 WITH S-TURNS APPROVED. WE LEVELED OFF TO EXTEND THE REST OF OUR FLAPS WHILE IN THE S-TURN. WHILE DOING THIS I NOTICED OUR FLAP INDICATOR SHOWED A BIG SPLIT IN THE TRAILING EDGE FLAPS. NO ROLL WAS EVER ENCOUNTERED. AS IT TURNED OUT I BELIEVE WE JUST HAD AN INDICATOR PROB WITH NO ACTUAL SPLIT FLAPS. I DECIDED; HOWEVER; TO GO WITH THE ASYMMETRICAL TRAILING EDGE FLAP CHKLIST AND WE LANDED UNEVENTFULLY WITH FLAPS 1 WITH A REF OF 153 KTS AND A TARGET SPD OF 158 KTS. WE NEVER DECLARED AN EMER BECAUSE THERE WAS NO ROLL ENCOUNTERED AND A TARGET SPD OF 158 KTS DIDN'T SEEM VERY UNUSUAL TO ME. IN HINDSIGHT THOUGH I SHOULD HAVE DECLARED AN EMER AS FLAPS 1 DEG IS NOT AN APPROVED LNDG FLAP SETTING FOR THE B737. THE APCH WAS VERY HECTIC AND THERE WERE NUMEROUS RAIN SHOWERS IN THE AREA AND THIS MADE THINKING OF THE FINER POINTS DIFFICULT. WITH AN INDICATOR PROB I DON'T THINK WE WERE WRONG (MAYBE EVEN WISE) TO USE THE FLAPS 1 DEG LNDG BUT IT WOULD HAVE BEEN WISER TO DECLARE AN EMER. I THINK EVERYONE HATES TO DECLARE AN EMER UNLESS SOMETHING DRASTIC IS WRONG AND WE ALSO HAD A COMPANY CHK AIRMAN RIDING IN THE CABIN THAT PROBABLY CONTRIBUTED TO MY HESITATING TO DECLARE AN EMER.