As far as the Fierz identities are concerned you are right. Turns out that usually we also want to define complex conjugation. For instance we want to preserve CPT, so the field content should be closed under CPT action.
If $a=1,2$ is the index of the first $SU(2)$ and $\dot a=1,2$ the second $SU(2)$, for the case $SO(1,3)$ the complex conjugation switch the representations:
$$
(\chi^{a})^{*}=\bar\chi^{\dot a}
$$
Which breaks $SU(2)_{\mathbb{C}}\times SU(2)_{\mathbb{C}}$ down to $SL(2,\mathbb{C})$.
Different signatures will impose different reality conditions to the Lorentz generators, reducing the $SU(2)_{\mathbb{C}}\times SU(2)_{\mathbb{C}}$ to a subgroup.
For signature $SO(4)$ we get
$$
(\chi^{a})*=\bar\chi_{a},\qquad (\chi^{\dot a})^{*}=\bar\chi_{\dot a}
$$
which leads to the $SU(2)\times SU(2)$ subgroup, without the complexification.
For signature $SO(2,2)$ we get
$$
(\chi^{a})*=\bar\chi^{a},\qquad (\chi^{\dot a})^{*}=\bar\chi^{\dot a}
$$
which leads to the $SL(2,\mathbb{R})\times SL(2,\mathbb{R})$.
So if you are interested in imposing Majorana conditions on spinors you see that $SO(4)$ this is not possible since $\varepsilon^{ab}\chi_{b}=\chi^{a}$ implies that $\chi^{a}=0$. The minimal number of components in that case is two complex, or four real.
For the $SO(1,3)$ the Majorana condition fix the spinor $\chi^{\dot a}$ in terms of $\chi^{a}$, or vice-versa. The minimal number of components in that case is two complex or four real.
For $SO(2,2)$ it is possible to impose a Majorana condition in a single chiral spinor, reducing the number of components to a total of two real components.