The OP talked about a 50' loss of height. It is entirely appropriate to use more back pressure and power, and maybe reduce bank angle slightly. The loss of 50' is not a spiral dive of death requiring the action you describe,
I second that!
What are we talking about here anyway? To me, a steep turn is a stabilized maneuver, which can be held indefinitely with 60 degrees of bank, and 2 G being pulled. No wings coming off, or speed building up.
This is not something that you'll ever be doing as a part of an IFR or other ATC required procedure, so don't be worried about them caring about your precision. It won't be something that most people on this forum will be doing in formation, so you're not worried about spacing by referring to altimeters, and it is well within the capability of any certified light aircraft. If your personal desire for precision flying dictates that your should get the 50 feet back, by all means fix it... But, for my understanding of the standards for a PPL or CPL flight test, you're still within tolerance - You've got to be very smooth, and familiar with the aircraft, and paying close attention to go all the way around that way, and stay within 50 feet. I recall doing this for my CPL a few years back, in my C 150 I have 2800 hours flying. I did it okay, but unusual attention was required, despite my familiarity with the plane. I was also required to demonstrate a co-ordinated rollout within 5 degrees of heading.
If you are in a 60 degree banked turn, and you loose 50 feet, and you want it back, pulling 2.1 G, and adding a bit of power will get you out, with some precise flying. no worries about the plane coming apart. If, from a 60 degree banked turn, you slip into a spiral dive, well, that's well beyond the original question, and warrants a different answer. Pilots attempting to maintain control of certified aircraft within their limitations don't pull wings off them.
Other than for flying competition aerobatics, if you ever really
need to do a 60 degree banked turn, it'll only need to be half the way around, and no one is going to be watching for 50' of altitude change.