Speedbird
I guess it boils down to where you asses the risks lie and what priority to assign to sometimes contadictory stategies to minimize them
IMO Having the gear fail to retract should not normally result in an accident. Having the engine fail right after takeoff will always have a higher probability of an accident and can be caused by many possible mechanical failures in ther engine and/or propellor(your scenario requires one specific failure mode of the landing gear system). For that reason I want to get as far away from the ground as fast as possible in any single engine aircraft I am flying in order to have the the widest array of options in the event of an EFATO.